Oil Daily Analysis : January 21, 2021

The daily oil analysis on January 21, 2021 this time discussed that oil prices on Thursday trading today (January 21, 2021) moved downwards, this decline was due to strong signals of concern about the slowdown in fuel oil demand due to the Covid-19 pandemic. On the other hand, China has imposed a stricter lockdown and Germany has extended the closure of shops and schools has also helped to reduce oil prices. The US Dollar managed to limit its weakness against other major currencies. This is due to the optimism of market participants, that the large amount of US stimulus package assistance funds under the new Joe Biden administration will be able to increase demand for the value of the US dollar as a safe-haven currency. The greenback remains strong after US stocks climbed to new record highs, in addition to Joe Biden has drawn up a plan for a $1.9 trillion Covid-19 pandemic effects relief package. Joe Biden has been officially inaugurated as the 46th president of the United States on Wednesday, he also promised to immediately end the trade war, especially against several countries that are divided due to economic conditions hit by the Covid-19 pandemic. In the United States alone, the Covid-19 virus has killed more than 400,000 people.

Oil Daily Analysis Predictions

Today's prediction in OIL is expected to continue its decline, and the recommended OP (Open Position) is SELL at the level of 52.80. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily analysis of oil on January 21, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.