Slobodan Drvenica
Windsor Brokers
US CRUDE OIL
WTI oil price returned above $71 on Tuesday and probes above Monday’s high at $71.23, posted after strong rally from two-day correction low at $70.25.
Fresh bullish sentiment on escalation of tensions in the Middle East and stronger than required production cut from OPEC, keeps oil prices supported as recovery retraced over 61.8% of $71.86/$70.25 pullback.
Scope exists for retest of recent 3 ½ year high at $71.86, break of which would expose $73.21 (14 Nov 2014 low) and $76.35 (Fibo 61.8% of $107.45/$26.04 fall).
Rising 10SMA continues to track the advance and offer solid support at $70.15.
Res: 71.61; 71.86; 72.00; 72.48
Sup: 70.78; 70.15; 70.00; 69.54
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 holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.