Slobodan Drvenica
Windsor Brokers
WTI Oil (Mar)
WTI oil bounced strongly on Friday, after hitting fresh low at 26.04 on Thursday. Friday’s strong bullish close that followed Thursday’s long-tailed Doji candle, could be seen as initial reversal signal.
The price is currently riding on the fourth, corrective wave, off 26.04 low, which part of five-wave downmove from 34.38 (29 Jan lower top).
The wave should be ideally capped at 30.30, where also 20SMA lies, however, extended rally to 30.70, Fibonacci 61.8% of 33.58/26.04 downleg, could be anticipated, before fresh bears re-focus 26.04 target.
Conversely, break and close above 31.00 (falling daily 30SMA), will signal stronger recovery.
Res: 29.63; 30.30; 30.70; 31.00
Sup: 28.86; 27.54; 26.94; 26.04
Gold Spot
Spot Gold accelerated lower overnight, to extend pullback off fresh high at 1263.
Friday’s trading ended in red, but was entrenched in a narrow consolidation, with today’s fresh bearish acceleration, signaling stronger correction of month-long, uninterrupted rally from 1082 trough.
Pullback is signaled by reversed overbought daily RSI and Slow Stochastic.
Fresh weakness approaches strong support zone at 1203/00; Fibonacci 38.2% of 1108/1263 rally / psychological support, followed by 1192, weekly Ichimoku cloud top and 1181, 10Feb trough, where extended dips should be ideally contained.
Alternative scenario requires close below 1167; Fibonacci 61.8% / daily Kijun-sen, to confirm reversal.
Res: 1232; 1245; 1263; 1285
Sup: 1200; 1192; 1181; 1167
WTI oil bounced strongly on Friday, after hitting fresh low at 26.04 on Thursday. Friday’s strong bullish close that followed Thursday’s long-tailed Doji candle, could be seen as initial reversal signal.
The price is currently riding on the fourth, corrective wave, off 26.04 low, which part of five-wave downmove from 34.38 (29 Jan lower top).
The wave should be ideally capped at 30.30, where also 20SMA lies, however, extended rally to 30.70, Fibonacci 61.8% of 33.58/26.04 downleg, could be anticipated, before fresh bears re-focus 26.04 target.
Conversely, break and close above 31.00 (falling daily 30SMA), will signal stronger recovery.
Res: 29.63; 30.30; 30.70; 31.00
Sup: 28.86; 27.54; 26.94; 26.04
Gold Spot
Spot Gold accelerated lower overnight, to extend pullback off fresh high at 1263.
Friday’s trading ended in red, but was entrenched in a narrow consolidation, with today’s fresh bearish acceleration, signaling stronger correction of month-long, uninterrupted rally from 1082 trough.
Pullback is signaled by reversed overbought daily RSI and Slow Stochastic.
Fresh weakness approaches strong support zone at 1203/00; Fibonacci 38.2% of 1108/1263 rally / psychological support, followed by 1192, weekly Ichimoku cloud top and 1181, 10Feb trough, where extended dips should be ideally contained.
Alternative scenario requires close below 1167; Fibonacci 61.8% / daily Kijun-sen, to confirm reversal.
Res: 1232; 1245; 1263; 1285
Sup: 1200; 1192; 1181; 1167
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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