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29.10.202010:55 Forex Analysis & Reviews: Oil technical idea

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Good afternoon, dear traders! I present to your attention a trading idea for WTI oil.

So, according to our trading recommendation for a fall on October 21:

the instrument shows a confident downward trend towards the main target at the quote of 36.40. I suggest considering the scenario for adding to the trend according to the following scheme:

The technical resistance is at the level of 38.4 at the moment. When requesting quotes in this zone, we recommend working for a decrease with the main goal of fixing profits at the level of 36.38. Risks - over 40.

The profitability of the transaction is 1 to 1.

Let me remind you that the fundamental basis of the trading idea for a lower oil price is the reduction in demand for oil due to the second wave of the coronavirus pandemic.

The trading idea is presented in the framework of the "Price Action" and "stop Hunting" methods.

Success in trading and controlling your risks!

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