WTI OIL Outlook: Oil rises after Friday’s heavy losses but recovery remains below key barriers for now
WTI oil price is up 1.5% on Monday, recovering after last Friday’s 5% drop (the biggest one-day fall since 17 Sep).
Oil was hit by fears that trade talks would be disrupted and conflict would escalate, following US support to Hong Kong protesters last week that sparked strong sell-off on Friday. Read more”¦
Crude Oil (WTI) Intraday: rebound expected
Pivot (invalidation): 55.45
Our preference
Long positions above 55.45 with targets at 56.60 & 57.10 in extension.
Alternative scenario
Below 55.45 look for further downside with 55.00 & 54.55 as targets.
Comment
The RSI calls for a rebound.
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