WTI futures are traded in a zone comfortable for bulls, above the important short-term support levels 70.44, 71.37, 71.71, leaving room for further growth with a target at 76.20 (local resistance level and highs in July and almost 3 years). In the event of its breakdown, the price may go higher, however, some important fundamental factors (strengthening of the dollar, increasing production volumes of OPEC+, fears about the coronavirus) will restrain the rise in prices (see also "Fundamental Analysis and Recommendations")
In an alternative scenario, the breakdown of the support level of 70.44 will provoke a deeper corrective decline to the lower border of the rising channels on the daily and weekly charts and 66.00 mark.
Nevertheless, above the key support levels 63.90, 60.80, 53.80, a long-term upward trend prevails. Only their breakdown can increase the risks of breaking the bullish trend.
Trading recommendations
Sell Stop 70.40. Stop-Loss 74.10. Take-Profit 69.00, 66.00, 63.90, 60.80, 60.00, 56.40, 53.80
Buy by-market, Buy Stop 74.10. Stop-Loss 70.40. Take-Profit 75.00, 76.00
*) WTI: Current Fundamental Analysis and Market Expectations
**) the most up-to-date "hot" analytics and trading recommendations (including entries into trades "by-the-market") - https://t.me/fxrealtrading
