Forex Market Analysis

Forex Analysis: WTI wants to recover – FBS

WTI oil has found support in the 49.35 area for the second time this February. As concerns about the coronavirus ease, oil got a chance to recover. The price is currently testing the resistance of 50.80 (the area of the 2019 lows and the 50-period MA on the H4). The Awesome Oscillator on the H4 and the D1 timeframes are sending positive signals. As a result, an advance above 50.80 may trigger a correction up at least to 51.60/52.00.

Trade idea for WTI

BUY 50.90; TP 51.60; SL 50.70

To trade WTI with FBS you need to choose WTI-20H in MT4.

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