**WTI Oil Bulls are taking on fresh attack on 200 Daily EMA – at around $57.**



\* The Bulls remain in control over WTI prices, taking actions to break through 200 Daily EMA .

\* Monday’s Doji ( bearish ) candle with long upper shadow was immediately engulfed by the next day’s price action.

\* Break and close above $57 would be the confirmation of persisting bullish momentum that had started on the 3rd of October.

\* Fresh optimism about US-China trade agreement, and less fears of declining global demand due to a trade war, maintain oil prices.

\* Market will also focus on crude inventories data released on Wednesday. Inventories are expected to rise by 2.7 mln bls, compared to previous week’s build of 5.7 mln bls. If inventories come at or below the forecast, this should push oil prices upward.

**Active trade signal**

Buy @ $56.5 – $57.
Nearest Target: $60.
Stop-loss: $55.80.


*This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.*

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