[email protected]
+44 7862 068336
Open Live Account Open Demo Account Client Login Partners Login Download MT4 Contact Us
cfm-footer-logo-whitecfm-footer-logo-whitecfm-footer-logo-whitecfm-footer-logo-white
  • About Us
    • CF Merchants
    • Why Choose Us
    • Registering Bodies
    • Security of Funds
    • Legal Documents
  • Trading
    • Products
      • Forex
      • Commodities
      • CFDs
      • INDICES
      • Cryptocurrencies
    • Platform
      • META TRADER 4
    • Pricing
      • Product Knowledge
      • Trading Hours
      • Execution Policy
      • Expiration of CFD’s
  • Accounts
    • Accounts Comparison
    • Islamic Accounts
    • Deposit & Withdrawals
  • Research & Education
    • CFM Academy
      • What is Forex?
      • E-Book
      • Forex Glossary
    • News
      • Forex News
      • Crypto News
      • Education News
    • Market
      • Economic Calendar
      • Market Analysis
  • Promotions
    • 50% Deposit Bonus
  • Partnership
  • Contact Us
✕
  • Home
  • Market Analysis
  • WTI Crude Oil Forecast
GBPUSD Analysis
November 18, 2020
Oil And Gold
November 18, 2020
Published by CF Merchants on November 18, 2020
Categories
  • Market Analysis
Tags

Oil

The West Texas Intermediate Crude Oil market pulled back a bit during the trading session on Tuesday, reaching down towards the 200-day EMA before bouncing significantly. We had a major bounce later in the day, as traders rolled over contracts. This market should continue to see a lot of noisy fluctuation, so we may have been given false security at the end of the session.

the $40 level is a large, round, psychologically significant figure that many traders will be watching closely. It is also an area in which we have seen a lot of vacillation, so we will continue to see a reaction to it. Whether or not we can break down below it might be a question for the next couple of days; if we do, it is likely that the market will then break down below there to reach down towards the $37.50 level which has been supportive in the past. The market will hear a lot of noise, but it is difficult to imagine that we are simply going to continue to take off to the upside as many economies around the world shut down. After all, demand will be very small, so we will eventually pull back and sell off again. We need to pull back towards the bottom of the overall range that we have been in.

If we did break out above the $43 level, then we could take off for a bigger move. But right now, that is asking a lot out of a market for which there is no demand. It seems like every couple of weeks there is a story in which people talk about how the demand will suddenly get a pickup due to one thing or another, but reality always hits right back with poor inventory numbers.

Share
0
CF Merchants
CF Merchants

Related posts

May 7, 2021

Dollar under pressure as U.S. payrolls data could spur more risk-taking


Read more
May 6, 2021

Dollar holds near two-week high, U.S. jobs data eyed for Fed clues


Read more
May 5, 2021

Asia Shares Subdued By Tech Retreat, U.s. Futures Steady


Read more

Leave a Reply Cancel reply

You must be logged in to post a comment.

[email protected]
[email protected]
+44 7862 068336

    Legal: CF Merchants is the trading name of Commodity and Forex Merchants registered and regulated in many Jurisdictions. CF Merchants Limited is regulated with license number 24535/2018, at Suite 305, Griffith Corporate Center, P. O. Box 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines as an International Broker Company under the company act of Saint Vincent & the Grenadines. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendments and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well to provide brokerage, training and managed account services in currencies, commodities, indexes and leveraged financial instruments.
    Commodity and Forex Merchants Limited is authorized under license number 1092420 by the Companies House, Cardiff, United Kingdom on 21st August 2017.

    High Risk Investment Warning: Margin FX are leveraged products that carry an extraordinary level of risk to your funds. Trading is not suitable for everyone and may result in you losing significantly more than your investments and therefore, you should not speculate with capital that you cannot afford to lose. You should consider whether you understand how this work and whether you can afford to take the high risk of losing your money. All the trading related information on this website is general in nature and does not take into account your or your client’s personal intentions, financial conditions and needs. We encourage you to seek independent advice if necessary. It is the responsibility of the client to ascertain whether he/she is allowed to use the services of the CF Merchants based on the legal requirements in his/her country of residence. Please read full Risk Disclaimer for more details.

    Regional Restrictions: CF Merchants (SV) Ltd does not provide services and accept applications from the residents of certain countries, such as United States of America, Canada, Israel, North Korea and Saint Vincent & The Grenadines. The statistics on this website is not directed at residents in any country or jurisdiction where such distribution or use would be contradictory to local law or regulation.

    © 2011-2020 CF Merchants Ltd.

    • Terms & Conditions
    • Privacy Policy
    • Fraud Warning
    • Risk Disclosure
    • AML Policy
    • Client Agreement
    • IB Agreement
    • Power of Attorney