OctaFX | OctaFX Forex Broker
Open trading account

Oil: Sell weak rallies, $70 next ST target - 2ndSkies

FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, looking to sell any weak rallies into 76.00 in Oil, with $70 next ST target.

Key Quotes

"We suspected the corrective price action and weak bounce off 76.36 would likely lead to a downside breakout. That view was completely correct as the commodity tumbled on the day, losing almost $3 while taking out the 75 handle in the process."

"Barring any sharp reversals, $70 is looking more and more probable near term. I'll look to sell any weak rallies into 76 and 76.36. Downside targets will be 74.15 and $70. Only a daily close back above 77 or 78 will negate the ST bearish bias."

AUD/NZD: A favourite recommendation long term

AUD/NZD is trading at 1.1059, up 0.10% on the day, having posted a daily high at 1.1082 and low at 1.1048.
Read more Previous

EUR/JPY trades with a bullish bias - FXStreet

Valeria Bednarik explained that US stocks gave little clues to yen traders overnight but she is bullish on the EUR/JPY.
Read more Next
Start livechat