Slobodan Drvenica
Windsor Brokers
US CRUDE OIL
WTI Oil hit new high at $51.62 on Friday (the highest since 02 Oct) as bulls regained control after the price dipped to $50.14 low on Thursday.
Fresh support came from EIA crude stocks report which showed the third consecutive decline in crude inventories which fell by 2.75 million barrels in the week ended 6 Oct.
In addition, the oil prices were driven higher by rising bullish sentiment on global signs that the oil market is tightening.
Eventual break above $51.40 pivot (Fibo 61.8% of $52.84/$49.09 downleg) is bullish signal which requires close above for confirmation.
Fresh bulls eye target at $51.96 (Fibo 76.4%) and could extend towards key barrier at $52.84 (28 Sep peak) on further bullish acceleration.
Overbought slow stochastic and still negative 14d momentum require caution of possible stall.
Top of thick 4-hr cloud marks solid support at $50.97, along with broken 20SMA ($50.80) which should keep the downside protected, while extension below 10SMA / Tenkan-sen ($50.43/36) would weaken near-term tone and shift bias lower.
Res: 51.62; 51.96; 52.41; 52.84
Sup: 51.40; 50.97; 50.80; 50.36
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 regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
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.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.