Bottom line:  WTI Crude might have carved a major bottom around $0.01/barrel last month. The long term structure remains bullish against $0.01 as traders target $29.00/30.00 levels in the short term.

Fundamental Outlook:

Oil prices surge as WTI Crude trades around $24.00/barrel and Brent above $28/barrel respectively. The production cut decision taken by the OPEC last month will be in effect from this month and this could be a positive for Oil prices. The yearly target could be as high as $65/barrel, the January 07, 2020 peak.

DAX had gaped down on Monday, in line with most Global Indices, and closed over 3.5% lower at 10466. The indice is set to remain under pressure as COVID-19 induced recession looms, along with man-made trade war fears between the US and China as Trump talks of tariffs as a retaliation over COVID-19 pandemic. The historic “Sell In May and Go Away” sentiment again shadows most investor psychology.

Gold has seen some selling pressure and trades below $1700 mark as we write this article. As most economies open up after several weeks of shutdown, sentiment may have drifted towards more risky assets. This could be short lived though as the US Non-Farm Payrolls forecasting over 21 million jobs lost.

Technical Analysis:

WTI Crude remains completely in control of bulls as they charge above $24/barrel today. A major bottom could be in place at $0.01 levels as prices plunged historically last month. Bulls remain poised to take out resistance around $29.00/30.00 levels to confirm a trend reversal.

Please note $29.00 is the April 03, 2020 high as WTI Crude reversed lower again, and dropped to $0.01 levels. A break above $29.00 would mark the beginning of an up-trend that could last for several months to come.

Most traders might be willing to hold long positions taken earlier and book profits around $29.00/30.00 mark. A corrective drop thereafter would provide another opportunity to build long positions.

Prepared by

Harsh Japee, Technical Analyst.

WTI Crude Chart

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。