Slobodan Drvenica
Windsor Brokers
WTI Oil
Oil price regained traction and edged higher on Friday morning, after falling over 3% previous day, following comments from Russian member of OPEC+ that the cartel is unlikely to further cut production at their meeting on June 4.
Thursday’s strong fall (the biggest daily loss since May 3) confirmed a double rejection at the base of thick daily cloud and generated bearish signal on completion of reversal pattern on daily chart, though the signal is still to be justified on break of $70.65/47 pivots (May 22 spike low / Fibo 38.2% of $63.63/$74.70 upleg).
Daily studies are turning to full bearish mode as falling 14-d momentum broke into negative territory, moving averages are in bearish setup and thick daily cloud weighs, suggesting that bears may re-take control after limited consolidation (to be capped under 5DMA at $72.75).
Weekly studies are also bearishly aligned, though the action of this week is on track to end in the shape of Doji candle, which signals indecision and seeks for fresh direction signal.
Res: 72.09; 72.75; 73.27; 73.93.
Sup: 71.39; 70.98; 70.42; 70.00.
Interested in WTI technicals? Check out the key levels
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 clings to small daily gains above 1.0700
EUR/USD has lost its traction after having climbed toward 1.0750 earlier in the day but managed to stabilize above 1.0700. Mixed performance of Wall Street's main indexes following the consumer confidence data helps the US Dollar hold its ground and caps the pair's upside.
GBP/USD retreats below 1.2400 as US Dollar rebounds
GBP/USD has retraced a small portion of its daily rally and declined below 1.2400 in the American session on Tuesday. Following a bullish start to the day, major equity indexes lost traction and helped the US Dollar stage a rebound while weighing on the pair.
Gold: XAU/USD retakes $1,950 as investors hesitate Premium
Gold price has posted a nice comeback after bottoming for the day at $1,932 a troy ounce, now trading near a daily high of $1,963.48.
Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move
Bitcoin price is inching towards the first monthly loss of 2023. At press time, BTC price is 4.4% below $29,233, its price on May 1. If BTC fails to regain lost ground, the asset is in for its first monthly loss of the year.
Tesla Stock News: TSLA breaks above $200 as Elon Musk visits China
Tesla (TSLA) stock has overcome a major psychological barrier to start the week with shares overcoming the $200 level early Tuesday. A number of tailwinds are aiding the growth stock, which has gained 4.4% to $201.67 in the premarket.