WTI CRUDE OIL
WTI CRUDE OIL
- USD (-)
- 10 min delayed data - NYMEX Futures
Open: -
Change: -
Volume: -
Low: -
High: -
High / Low range: -
Type: Commodities
Ticker: WBS
ISIN:

WTI CRUDE OIL - Prospect of a Second Lockdown May See Oil Tumble - 10/22/2020 (GMT)

  • Who voted?
  • 168
  • 0
  • Chart + Price target(s)

  • Target : Lower
  • |
  • Target 1 : 38,5
  • |
  • Target 2 : 37,5
  • |
  • Target 3 : 34,8
  • |
  • Invalidation threshold : 42

  • Timeframe : Daily

Are you looking for opportunities in indices and forex?
DISCOVER LONDINIA OPPORTUNITIES...

STATE OF THE MARKETS
Prospect of a fresh stimulus deal being strike by the weekend, sent Dollar lower as investors cashed in profits on equities. Major indices closed lower on profit taking with DJIA fell 0.35% where declining counters outpaced advancing counters by 2,002 to 1,046. The benchmark 10 year note yield settled higher at 0.815% compared to 0.796% on Tuesday. Gold that has traded higher for few days on the back of US stimulus, almost hit last week high before pulling back on profit taking. Oil futures saw a drop in demand as US Cushing reported a less than expected reduction in storage plus the uncertainties of the OPEC+ deals loom before it's next meeting in November.
On the FX front, greenback continues to lose demand while investors look to buy Sterling on the news that EU Brexit negotiator will be en-route to London to resume trade talks; which saw Sterling jumped as high as 1.3175.

PICK OF THE DAY - CRUDE OIL
We favor selling crude oil futures given current risk-off sentiments and bleak demand in the after effects of the pandemic. Though the price rally for four months since May, we believe it was mere profit taking from the sell-off that began earlier this year when oil was around $65.50 a barrel. Plus two monster orders that came in at $42.30 for June 2021 and $40.40 for December, hopes are high that markets are seeing gloomy days ahead, especially if the US election result is contested and political uncertainty prevails.
This member declared having a selling position on this financial instrument or a related financial instrument.

About author

Offline

Overall rating :
198
Number of analyses :
Followers :
15

Add a comment

no pic

Comments

0 comments on the analysis WTI CRUDE OIL - Daily