It's never a bad idea to lock in a triple like BTE “Make no mistake, $35 is a superior psychological level for the commodity, and if WTI manages to close trading for the day above $35 this opens up the gates for further moves higher in price, with this obviously providing a boost to any exporters of the commodity,” he says.
Oil has been trying to recapture this level for over a month. Ahmad warns that if that doesn’t happen soon, another big move to the downside could be on the way.
“This is exactly what happened in January, when WTI failed to close above $35, with the consequence being another aggressive round of selling that led to the commodity hitting another multiyear low narrowly above $26,” he says.