Read more

🛢 OIL soars by 2.5%

9:58 AM 16 September 2020

⏫ Double bottom formation pushes prices above $41

OIL is advancing for the second day after defending a pivotal support at $39.30. We pointed out in a post yesterday that buyers were able to stop the sell-off at this support and with a help from favorable API report (that showed large draw in US inventories) it has translated into a rally today. We can spot a double bottom formation with the neckline already broken and textbook reach of $43.20. Wednesday is mostly about the FOMC (7pm BST) but OIL traders will be focused on the DOE report on US inventories (3:30pm BST).

Share:
Back

Market News

01.07.2025
18:42

Daily summary: Big Beautiful Bill passed through Senate, Wall Street retreats form record highs (01.07.2025)

Wall Street starts the new week with mixed sentiment in reaction to macroeconomic data and comments from Jerome Powell, which support the Fed’s...

 17:15

Dollar Rises After Senate Passes Big Beautiful Deal 💵

USDIDX is approaching 100-period EMA (dark purple) on M30 interval after the US Senate narrowly passed Donald Trump’s “big, beautiful bill,”...

 16:15

US OPEN: Stocks retreat from record highs, tech leads losses, yields bounce back (01.07.2025)

Wall Street is going back to cautious as strong labour market data and status-quo-reaffirming remarks from Fed’s Chair Jerome Powell push back the...
More news

Join over 1 600 000 XTB Group Clients from around the world

Start trading Download the app Download the app
The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits