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Stock inventories were better than expected in both API and EIA reports, leading to a 3% increase in its price at the time of writing. As expected, intraday bulls are celebrating!
However these numbers, although very positive, should be treated with caution. Only a consistent drop in stocks could be considered to be a turning point. On the other hand, we shouldn’t forget that the members of OPEC and non-OPEC countries are still far from an agreement of any kind.
As we wrote in our previous article on March 21
, the price came to test a first level at USD 35 as expected. A technical rebound at this level would be normal, however what we didn’t expect was that this occurred with help from these bullish numbers!
If things remain the same, we suspect that the market will soon resume its correction to the area between USD 35 and USD 26, evolving in swings as the news coming from OPEC and non-OPEC members continues to come.
Perhaps this could be a good environment for swing traders ! Good trading!