Crude OIL WTI, time to go long for a technical rebound.
A less than estimated GDP growth for the EEUU economý and a core CPI under 2,1% reduces the probability of a sooner increase of the FED rate. Staility of rates means that the dollar can loose some strength giving room for an upside movement of commodity prices.
Last friday's strong movement of WTI end on a candle that offsset the previous six days price fall and created a support in 46,20. MACD shows a divergence which increases the probability of change to an upward trend. A the same time, fibonacci retracements show an important resistance in the level of 56,52.
Fundamentals on demand and offer of crude oil haven´t changed recently but could in the medium term, so the trend change would last for several months, but for now it´s better to play safe only with the rebound:
Let's buy from 46,40 to 49,50 and keep long until 55,80. Stop loss in 45,80.
Last friday's strong movement of WTI end on a candle that offsset the previous six days price fall and created a support in 46,20. MACD shows a divergence which increases the probability of change to an upward trend. A the same time, fibonacci retracements show an important resistance in the level of 56,52.
Fundamentals on demand and offer of crude oil haven´t changed recently but could in the medium term, so the trend change would last for several months, but for now it´s better to play safe only with the rebound:
Let's buy from 46,40 to 49,50 and keep long until 55,80. Stop loss in 45,80.
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