In the present video, David Jones from Capital.com provides his forecast for WTI crude oil. He discusses the latest moves of oil prices, including the 35% rally since the November lows, explains what fundamentals were driving crude, and whether prices will be getting a boost from COVID-19 vaccine news. Next, David lists the major support and resistance levels. He then turns to charts and technical indicators, trying to predict where prices may go next. Having lost money trying to sell short after the previous pullback in prices, David is reluctant to go against the current bullish trend and prefers to buy crude if the price falls a bit. Saying that, he warns against “revenge trading” — trading an attempt to regain the lost money. Such a mentality can harm the traders’ ability to identify which trades are good and which are bad.
If you found this video useful and want to see more videos like this one or if you want to see a commodity trading video on some other topic, please leave your response using the form below.