Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
Brent is trying to gain
2019-11-11 • Updated
BUY 61.90; TP1 62.90; TP2 64.50; SL 61.50
SELL 60.50; TP 60.00; SL 60.70
This week Brent has reached the highest levels since the end of September. Oil pushed above the 50-day MA at 60.50 and some previous highs, so it now looks like it has bottomed. At the same time, the price met resistance at 61.80 (100-day MA) yesterday. It has to overcome this obstacle in order to move to the next targets at 62.90 (50% Fibo of the September decline) and 64.50 (61.8% Fibo, 200-day MA).
Support lies at 61.00 (200-period MA on H4) and 60.50. The decline below the latter will make oil slide to the support line connecting the previous October highs in the 60.00 area.
Notice that to trade Brent, you need to choose BRN-19Z in your MetaTrader.
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