The daily oil analysis on December 16, 2020 will discuss the movement of oil prices in the market during the past few days which has increased, this is due to the hope of ending the Corona outbreak pandemic that has hit all countries in the world. after the Covid-19 vaccine which has begun to be distributed in several countries, including the United States and the United Kingdom. In addition, the increase in oil prices was also driven by the weakening of the US Dollar currency as a result of the still unclear plan for the Corona relief fund stimulus plan that will be rolled out. It is expected that oil prices will still try to continue their rise today, but the focus of market participants is on the US oil reserve report. The American Petroleum Institute (API) predicts an increase of 1,973 million barrels. This oil reserve data will be released at 22:30 WIB by the Energy Information Administration (EIA).
Oil Daily Analysis Predictions
Today's prediction in OIL is expected to continue its gains, and the recommended OP (Open Position) is
BUY at the level of 47.70. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
| Preference |
BULLISH |
| Target Profit 1 |
47,80 |
| Target Profit 2 |
47,90 |
| Stop Loss 1 |
47,65 |
| Stop Loss 2 |
47,60 |
This the daily analysis of oil on December 16, 2020. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of
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