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Video: WTI Oil Price to Overcome Covid Fears? WTI Oil Price Forecast

December 9, 2020 at 13:10 by Vladimir Vyun

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.

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