Forecast – BEARISH
Date Posted: 24 Apr 2020
Currency Pair: XTIUSD
Current Rating: SELL
Forecast Move: DOWN
Key Tech Level: 18.75
Trade Action: FALSE BREAK
Stop Loss -50 pips
Take Profit +150 pips
Chart & Forecast Details
The Oil market has taken a pounding this past week hitting a record low of -$40/barrel. It’s retracing nicely back towards resistance with plenty of upside momentum so our preference is to get short waiting for a False Break above 18.75. I can’t see any reason for Oil to rally as the lockdowns continue, so I’m quietly confident this trade will be successful.
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