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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 9, 2019

WTI Crude Oil: oil prices are going down 09 October 2019, 10:11


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 54.00
Take Profit 58.42
Stop Loss 51.84
Key Levels 50.00, 51.05, 51.84, 52.83, 54.00, 55.89, 56.88
Alternative scenario
Recommendation SELL STOP
Entry Point 51.80
Take Profit 50.00
Stop Loss 53.00
Key Levels 50.00, 51.05, 51.84, 52.83, 54.00, 55.89, 56.88
Current trend
Oil prices showed a decline on Tuesday, responding to a sharp deterioration in the prospects for a trade agreement between the US and China after Washington blacklisted some Chinese companies. Donald Trump also changed the tone of his rhetoric regarding negotiations, emphasizing that achieving quick results is unlikely. In turn, some support for the quotes was provided by the ongoing unrest in Iraq and Ecuador, which are likely to adversely affect oil production. API Weekly Crude Oil Stock Report reflected an unexpected growth of the stock by 4.13 million barrels in the week as of October 4, after a decrease of 5.29 million barrels over the past period.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is insignificantly narrowing from below, reacting to the emergence of ambiguous dynamics in the ultra-short term. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic is growing and almost does not respond to the "bearish" nature of trading, observed since the beginning of the week.
To open new positions, one should wait for trade signals to become clear.
Resistance levels: 52.83, 54.00, 55.89, 56.88.
Support levels: 51.84, 51.05, 50.00.


Trading tips
To open long positions, one can rely on the breakout of 54.00. Take profit — 58.42. Stop loss — 51.84. Implementation time: 2-3 days.
The breakdown of 51.84 may serve as a signal to new sales with the target at 50.00. Stop loss — 53.00. Implementation time: 1-2 days.

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