Sell on a level breakthrough of 0.7227 with 0.7175 target. Stop loss = 0.7277.
Reason for the trading strategy
In January, the volume of industrial production in China decreased from 7.9% (y/y) to 6.8% (y/y), investment in fixed assets decreased from 15.7% (y/y) to 13.9% (y/y), and retail sales decreased from 11.9% (y/y) to 10.7% (y/y). The data reflects a decline in the business activity in the largest Asian economy, which could put pressure on commodity assets.
February 27, 2017 Black gold slightly declined amid the crude inventories report
The tone was negative in the oil market on Friday. The price reversed some losses in the night. Buyers returned the benchmark to 56.66 dollars per barrel where Brent caught fresh offers and moved lower...
February 27, 2017 Markets turn focus towards Trump address to Congress
On the evening of Tuesday, February 28th, US President Trump is slated to give a major address to a joint session of Congress in lieu of the usual State of the Union address...
February 24, 2017 Oil prices slightly grew
Brent oil prices extended their recovery in the Asian session on Thursday. Buyers led the price higher and broke 56.50 dollars per barrel in the early European morning...
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