US CRUDE OIL

WTI oil price falls further Thursday and breaks below important Fibo support at $55.60 (38.2% of $50.53/$58.74).
Pullback from $58.74 high (10 Sep) extends after strong fall on Wednesday (oil was down 3.3% for the day) broke below a cluster of daily MA's ($56.33/10 zone) and completed reversal pattern on daily chart, signaling deeper correction.
Near-term sentiment soured on OPEC's downgrade of global oil demand forecasts for 2020 which offset positive signals from strong draw in US crude inventories and Saudi's commitment to stick to production cut agreement.
Fresh bearish extension penetrated daily cloud and tests cloud base ($55.21), break of which would expose 50% retracement of $50.53/$58.74 ascend ($54.64).
Converged 200/55DMA's ($56.31) are forming bear-cross, mark solid resistance, where upticks should be capped to keep fresh bulls in play.

Res: 55.60; 56.31; 56.80; 57.21
Sup: 55.20; 54.82; 54.64; 53.83

Crude Oil

 

Interested in Oil technicals? Check out the key levels

    1. R3 60.23
    2. R2 59.22
    3. R1 57.57
  1. PP 56.56
    1. S1 54.91
    2. S2 53.9
    3. S3 52.25

 

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.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD falls below 1.11 after strong US data

EUR/USD is struggling to hold onto 1.11 after US housing starts beat expectations. Earlier, the common currency suffered from the concerns of new US tariffs on the EU.

EUR/USD News

GBP/USD crashes over 90 pips as UK retail sales badly disappoint

GBP/USD has plunged below 1.3050 after UK retail sales badly disappointed with a fall of 0.6% in December, on top of downward revisions. Odds of a BOE cut have risen.

GBP/USD News

Crypto market hyperspace mode On

The secondary actors of the crypto-sphere awaken and rally hard. Leading coins battle with greater resistance at the gates of a full bullish market. The only risk is an over-shoot, but that sentiment remains neutral.

Read more

Gold: Sustained move beyond 200-hour SMA sets the stage for further gains

Gold edged higher through the mid-European session on Friday and is currently placed near the top end of its weekly trading range, around the $1560 region.

Gold News

USD/JPY: Losing bullish momentum but retaining gains

Chinese encouraging data kept markets in risk-on mode at the beginning of the day. The US January Michigan Consumer Sentiment Index is seen at 99.3, matching December figure. USD/JPY holding at the upper end of its weekly range could correct lower.

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures