Two trades to watch: WTI crude oil, FTSE

WTI crude oil rises as investors monitor the restoration of key pipeline after cyber atack. FTSE rises after record highs on Wall Street

Energy 3

Oil gains after cyber-attack of US pipeline 

Top US fuel pipeline operator Colonial Pipeline Co. was hit by a cyber attack on Friday and forced to shut its entire network. 

The timeline for restarting its main pipeline is unclear.  

The pipeline supplies almost half of the fuel consumed on the East Coast of the US. 

Accelerating vaccine rollout continues to lift the fuel demand outlook. 

Where next for WTI crude oil? 

WTI crude oil continues to trade above its two week ascending trendline. After finding tough resistance at 66.60 last week price has eased lower. 

The price is testing the ascending trendline support at 65.00 which is also is 20 EMA. The RSI is pointing higher but only just in bullish territory. 

Should the support hold, WTI crude oil price could look to attack 65.93. A move beyond 66.70 last week’s high could see the price target 68.00 March’s 14 month high. 

A move below 64.50 the 50 EMA and high April 19th could negate the current bullish trend and see the price head towards 62.90 support low May 3rd

 Learn more about starting to trade oil

FTSE rises after record highs on Wall Street 

The FTSE is setting off the week on the front foot, following on from record highs on Wall Street after disappointing US jobs numbers. 

Stronger commodity prices and successful Tory local elections are supportive of the FTSE. 

Scottish pro-independence SNP failed to win an absolute majority by 1 seat. 

Where next for the FTSE? 

The FTSE continues to advance trading above its ascending trendline dating back to late January, its 20 & 50 EMA on the daily chart. The RSI is approaching overbought territory. Whilst it remains below 70 more upside could be on the cards, a breach of 70 on the RSI could spark a pull back. 

The next target on the upside it 7230 low Feb 3rd & high Feb 25th. 

It would take a move below 6860 to negate the near-term uptrend and set off a deeper sell off towards 6750. 

Learn more about the FTSE

More from Trade Ideas


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.