TREND-KEY
Long

WTI recovers with slowing down of Corona Virus spread +ve USOIL

TVC:USOIL   CFDs on WTI Crude Oil
USOIL is recovering, or at least has stopped going further down. Currently consolidating in a $3 range B/W 49.40 - 52.30 in last couple week (check Magenta rectangle ).

Currently trading at 59.02 (19.30 pm GMT+5.30) which also happen to be a strong resistance from the current level. If it breaks the asset will go into a buffer zone as we can see a DOUBLE BOTTOM is forming. and crosses above 52.22 level it will certainly have good prospects for an excellent rally, hence good buying opportunity.

Corona updates:
Deaths Hit 1,115; Data Signal Spread May Be Easing: Virus Update‼️
New cases slowing own yet posses a great threat - WHO

Important factors and Commentary:

> China death toll at 1,113, up by 97
> Confirmed China cases at 44,653, up 2,015
> Turned Away on Virus Fear, Cruise Ship Risks Running Low on Food
> China’s Cities Lock Up Residents to Prevent Spread of Virus (data Via Investing.com)

“In particular, we are closely monitoring the emergence of the corona virus, which could lead to disruptions in China that spill over to the rest of the global economy,” Powell said in remarks before U.S. lawmakers.

Critical levels - Resistance Zone - 50.55 - 51.05
Possible entry Trigger - 52.26 - 52.46
Trade active: Oil near the buy zone, buying opportunities soon!

Comments

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