03.04.202008:16 Forex Analysis & Reviews: Wave analysis: oil

Long-term review

Tieto informácie poskytujeme retailovým a profesionálnym klientom ako súčasť marketingovej komunikácie. Neobsahujú investičné poradenstvo, investičné odporúčania, ponuku ani výzvu na vykonanie transakcie alebo použitie stratégie na finančných nástrojoch a ani by sa tak nemalo s nimi zaobchádzať. Minulá výkonnosť nie je zárukou ani predikciou budúceho výkonu. Spoločnosť Instant Trading EU Ltd. neručí a nepreberá žiadnu zodpovednosť za správnosť a úplnosť poskytovaných informácií ani za stratu, ktorá by vyplynula z akejkoľvek investície založenej na analýze, predpovedi alebo iných informáciách poskytnutých zamestnancom spoločnosti alebo iným spôsobom. Celé vylúčenie zodpovednosti nájdete tu.

Good afternoon, dear traders!

Last night, an important event for the oil market took place.

On Thursday, US President Donald Trump claimed he had agreed with the leading oil producers, Russia and Saudi Arabia, to reduce production amid global coronavirus pandemic. Later, Riyadh called for an emergency meeting of the OPEC + members in order to reach a fair agreement on market balancing. As a result, oil prices jumped sharply.

Following the news, oil prices jumped by $6. But by the end of the day and in the early trade today, oil rolled back by almost half.

Here is an idea how the technical analysis can be applied amid the news within the framework of the ABC pattern:

The momentum is based on the about the negotiations. The first target - the top of wave "A" – can be reached within 3,000 points, and the potential is almost 5,000 points to the target formed on March 20.

If you trade on small time frames, I recommend that you pay attention to where the bulls may enter from a possible false breakthrough:

Successful trading and watch your risks!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.