Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
OIL price: bad for stability, good for profits
Information is not investment advice
Looking at the hourly chart of the WTI oil price below, one may come to only one conclusion: the price of this asset is far from being stable. Well, for trading purposes, it’s rather good news. What are the prospects though?
The prospects are pretty much the same as what the headlines say most of the time: the virus hits new records around. For OPEC, and for the oil market in general, that means suspended demand recovery. Do you see that large shadow of the bearish candle over there extending down to $35? Well, don’t rub your eyes – it was a temporary but still a real dropdown in the trade. Nothing happened, just another “phantom” pain of the oil market. It’s really not that stable even with the price handing below $43. OPEC’s last meeting only highlight the plan to keep the production capacities subdued before the demand picks up enough to go on full gear. Therefore, watch your support probably more carefully than you do the resistance levels with oil.
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Brutal session in the equity markets yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
The U.S. economy added 390,000 jobs in May
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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