Slobodan Drvenica
Windsor Brokers
WTI Crude Oil
WTI oil eventually cracked critical 27.54 support, the lowest level since mid-2013, posted on 20 Jan, on fresh bearish acceleration that commenced from 28.70, today’s consolidation top, extending strong four-day fall and posting fresh low at 27.38, on first attempt through 27.54.
The support is tough and we may see hesitation before final break lower, however, negative sentiment, supported by firm bears on all timeframes, doesn’t show much space at the upside.
High of the day marks initial support at 28.70, with extended rallies expected to hold below 29.25, former daily higher base and pivotal support.
Firm break below 27.54, will open next targets at 26.30, Nov 2003 low and 25.47, low of Sep 2003.
Res: 28.71; 29.25; 30.00; 30.20
Sup: 27.38; 27.00; 26.30; 25.47
WTI oil eventually cracked critical 27.54 support, the lowest level since mid-2013, posted on 20 Jan, on fresh bearish acceleration that commenced from 28.70, today’s consolidation top, extending strong four-day fall and posting fresh low at 27.38, on first attempt through 27.54.
The support is tough and we may see hesitation before final break lower, however, negative sentiment, supported by firm bears on all timeframes, doesn’t show much space at the upside.
High of the day marks initial support at 28.70, with extended rallies expected to hold below 29.25, former daily higher base and pivotal support.
Firm break below 27.54, will open next targets at 26.30, Nov 2003 low and 25.47, low of Sep 2003.
Res: 28.71; 29.25; 30.00; 30.20
Sup: 27.38; 27.00; 26.30; 25.47
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.
Recommended Content
Editors’ Picks
AUD/USD favours extra retracements in the short term
AUD/USD kept the negative stance well in place and briefly broke below the key 0.6400 support to clinch a new low for the year on the back of the strong dollar and mixed results from the Chinese docket.
EUR/USD now shifts its attention to 1.0500
The ongoing upward momentum of the Greenback prompted EUR/USD to lose more ground, hitting new lows for 2024 around 1.0600, driven by the significant divergence in monetary policy between the Fed and the ECB.
Gold aiming to re-conquer the $2,400 level
Gold stages a correction on Tuesday and fluctuates in negative territory near $2,370 following Monday's upsurge. The benchmark 10-year US Treasury bond yield continues to push higher above 4.6% and makes it difficult for XAU/USD to gain traction.
Bitcoin price defends $60K as whales hold onto their BTC despite market dip
Bitcoin (BTC) price still has traders and investors at the edge of their seats as it slides further away from its all-time high (ATH) of $73,777. Some call it a shakeout meant to dispel the weak hands, while others see it as a buying opportunity.
Friday's Silver selloff may have actually been great news for silver bulls!
Silver endured a significant selloff last Friday. Was this another step forward in the bull market? This may seem counterintuitive, but GoldMoney founder James Turk thinks it was a positive sign for silver bulls.