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 daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.