Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
Oil is sinking fast
Information is not investment advice
WTI oil went down below the important daily Moving Averages and slid below the 38.2% Fibonacci retracement of the 2018-2019 advance at 57.30. There are lower levels where the price may go: 54.40 (50% Fibo) and 52.95 (200-week MA). the outlook will remain bearish as long as the price stays below 57.30.
The commodity is hurt by the uncertainty about the US-China trade tensions and the future of global oil demand for the rest of the year. In addition, American oil inventories remain near a 22-month high.
Notice that to trade WTI, you need to choose WTI-19N in your MetaTrader.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
U.S. stocks are set to open lower later, on a combination of the pandemic news and the downbeat news from Tech’s Old Guard late on Thursday.
Oil fell below $52.00 because investors expect a weaker oil demand amid rising Covid-19 infections and new lockdowns.
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels