WTI Oil outlook: Oil price rises after Iran described Trump's peace talks as fake news

Slobodan Drvenica Windsor Brokers

WTI Oil

WTI oil price rose above $90 per barrel on Tuesday after sharp Monday’s drop (around 10%) to $84.50 (the lowest since Mar 11) after President Trump announced a peace deal with Iran and postponed US military action towards Iranian energy sector, sending shockwaves through the markets.

Iran’s response that Trump’s announcement was just a fake news, primarily oriented to stabilize stock markets and fresh wave of attacks on Israel overnight, soured the sentiment again, although so far limited bounce suggests that markets probably need more time to digest all story and generate clearer direction signal.

However, fresh escalation of the conflict fuels supply fears despite temporary relief, provided by Monday’s sharp drop that pushed the price away from $100 breakpoint and keeps in play hopes for stronger recovery.

Bullishly aligned daily studies (most of DMAs remain in full bullish setup, with formation of 100/200DMA bull cross/still strong positive momentum/daily Tenkan-sen crossed above Kijun-sen) support the idea, which still requires validation of developing positive signals.

Today’s close above $90 will be the minimum requirement, with extension above $93.00 zone (former range floor/50% retracement of Monday’s drop) and violation of 10DMA ($94.25) needed to bring bulls back to play and shift focus towards $100.

Caution on repeated close below $90 that would keep the downside vulnerable.

Res: 91.05; 92.26; 93.00; 94.25.
Sup: 89.11; 88.54; 86.72; 84.50.

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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