WTI Crude Oil (Oct)
Oil pulls back today following yesterday’s sharply rally of over 10%, marking the strongest daily gains in past six years. The price met its target at 43.36, former lower top of 18 Aug, on today’s extension to 43.44.The rally stalled ahead of next targets at 43.62, daily Kijun-sen line and43.93, Fibonacci 38.2% retracement of 53.92/37.75, 15 July / 24 Aug fall.
Corrective pullback returns below cracked daily 20SMA and faces initial support at 41.56, Fibonacci 38.2% of yesterday’s rally, which should serve as ideal reversal point. However, near-term indicators remain in steep descending mode and see room for further easing, towards next support layers at 40.85, daily10SMA and daily Tenkan-sen at 40.59, which is expected to contain extended dips and maintain freshly established near-term bulls.
Renewed attempts higher, need to close above daily 20SMA, which capped yesterdays rally, to confirm recovery, as oil price is on track for the first weekly bullish close in past ten weeks.
Res: 43.44; 43.62; 43.93; 44.61
Sup: 41.56; 40.85; 40.59; 40.00
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.