WTI oil stands at the back foot on Friday and eases to $59.30 after bulls ran out of steam and failed to close above cracked $60 barrier in repeated attempt.
Overbought daily studies and bearish divergence on slow stochastic suggest consolidative / corrective action in coming sessions, as traders take profit from rally of past two-weeks.
Doji reversal pattern is forming on daily chart and today’s close in red is needed to complete the pattern and signal further easing.
Corrective action would face initial support at $58.67 (10SMA) which should ideally contain, however deeper dips cannot be ruled out and should find ground above rising 20SMA ($57.47) to keep larger bulls intact and prevent deeper correction.
Oil prices remain supported by production cut by main oil exporters, as well as US sanctions on Iran and Venezuela, while stronger than expected draw in US oil inventories last week, further inflated the price.
WTI contract is on track for the second straight bullish week, but weekly close above cracked Fibo barrier at $59.62 (50% of $76.88/$42.36) is needed to signal bullish continuation.

Res: 59.62; 60.05; 60.37; 61.00
Sup: 59.27; 58.67; 57.47; 56.80

Crude Oil


Interested in WTI technicals? Check out the key levels

    1. R3 61.04
    2. R2 60.74
    3. R1 60.32
  1. PP 60.02
    1. S1 59.6
    2. S2 59.3
    3. S3 58.88


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 remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.


GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.


USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.


Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News