WTI OIL
WTI oil price jumps above $42 on Friday, focusing November’s peak at $43.03.
Overall sentiment remains positive as the contract is on track for the third consecutive weekly gain, although the upside attempts remain limited on oversupply, demand concerns over surge in coronavirus cases and renewed lockdowns.
On the other side, hopes for effective Covid-19 vaccine and that OPEC+ group will delay planned production increase, continue to underpin oil prices.
In addition, signs that talks about new US stimulus package would resume, bring more optimism among traders.
Daily studies remain positive but momentum crests and warns that another attempt towards post-pandemic recovery peak ($43.75) may lose steam.
Bulls probe again through 55WMA ($42.02) but another failure to register weekly close above would be initial warning.
Near-term bias is expected to remain with bulls while the price stays above rising 10DMA ($41.28) which tracks the action since Nov 9, while psychological $40 level (also daily cloud top and Nov 13/16 double-bottom) marks key support, loss of which would bring bears in play.
Res: 42.65; 43.03; 43.17; 43.75.
Sup: 41.58; 41.28; 40.78; 40.46.
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 trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.