Slobodan Drvenica
Windsor Brokers
WTI Oil
The WTI oil advances for the second consecutive day and probing again through strong resistance at $81.91, provided by the top of thick daily cloud and 50% retracement of $93.72/$70.09, where recent attacks failed several times to register firm break higher.
The price is standing comfortably above psychological $80 level, now acting as solid support, with fresh advance being underpinned by optimism about Chinese demand recovery, while the latest better than expected
US GDP data, additionally brightened the outlook.
Technical picture on daily chart is bullish and contributes to positive fundamentals, though strong bullish momentum has lost traction, adding to warning that bulls continue to face strong headwinds at $81.91 pivot and may again fail to clearly break this barrier.
Another upside rejection would keep the price within the recent range, but biased higher while above $80 level.
On the other hand, weekly close above $81.91 would signal extension of the bull-leg from $72.44 (Jan 5 low) and expose targets at $83.32/$84.69 (Dec 1 high / Fibo 61.8% of 93.72/$70.09 descend).
Traders shift focus towards the next week’s meeting of OPEC+, though the cartel is unlikely to make any change to its current production policy.
Res: 82.70; 83.32; 84.38; 84.69.
Sup: 81.04; 80.76; 80.00; 79.43.
Interested in WTI Oil technicals? Check out the key levels
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
EUR/USD remains pressured below 1.0400 on Trump's tariff threats
EUR/USD remains in the negative territory below 1.0400 in the European session on Tuesday, stalling the recovery. The pair is undermined by risk aversion and the US Dollar demand, fuelled by US President Trump's tariff threats. The focus shifts to the ZEW surveys.
GBP/USD drops to 1.2250 area on broad USD strength
GBP/USD stays under bearish pressure and trades deep in the red near 1.2250 on Tuesday as the USD gathers strength following US President Trump's tariff threats. The data from the UK showed that the ILO Unemployment Rate edged higher to 4.4% in the three months to November.
Gold price eases from over two-month top on stronger USD, positive risk tone
Gold price (XAU/USD) retreats slightly after touching its highest level since November 6 during the early European session on Tuesday and currently trades just below the $2,725 area, still up over 0.50% for the day.
Three reasons why AAVE could rally in upcoming days
Aave (AAVE) price hovers around $340 on Tuesday after rallying 9% the previous day. On Monday, the Ethereum Foundation allocated 50,000 ETH worth $165 million to Aave, marking an endorsement of the protocol.
Five keys to trading Trump 2.0 with Gold, Stocks and the US Dollar Premium
"I have the best words" – one of Donald Trump's famous quotes represents one of the most significant shifts to trading during his time. Words from the president may have a more significant impact than economic data.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.