Crude Oil Price and Forecast: WTI rises after Friday's heavy losses

WTI OIL Outlook: Oil rises after Friday's heavy losses but recovery remains below key barriers for now

WTI oil price is up 1.5% on Monday, recovering after last Friday's 5% drop (the biggest one-day fall since 17 Sep).

Oil was hit by fears that trade talks would be disrupted and conflict would escalate, following US support to Hong Kong protesters last week that sparked strong sell-off on Friday. Read more…

Crude Oil (WTI) Intraday: rebound expected

Pivot (invalidation): 55.45

Our preference

Long positions above 55.45 with targets at 56.60 & 57.10 in extension.

Alternative scenario

Below 55.45 look for further downside with 55.00 & 54.55 as targets.

Comment

The RSI calls for a rebound.

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