Slobodan Drvenica
Windsor Brokers
WTI OIL
WTI oil dropped over $1 on Tuesday, slipping from nearly two-week high ($62.23) posted in early Asian trading.
Re-opening of Suez Canal after almost a week of closure which threatened to seriously hit global trading, eased tension and push oil prices lower. Traders turn their focus to an OPEC+ meeting this week, with wide expectations that the group will agree to extend the supply curbs that would boost oil prices and brighten currently disappointing prospect for demand recovery.
Saudi Arabia is ready to accept an extension of output reduction through June and also to prolong its voluntary and unilateral curbs that would further improve the sentiment.
Fresh weakness following recovery stall pressures psychological $60 support, with extended dips to find footstep above the top of rising daily cloud (spanned between $58.68 and $54.23, which contained previous dips and offers solid support) and keep bulls in play.
Res: 60.87; 61.30; 62.00; 62.23.
Sup: 60.00; 59.39; 58.68; 58.30.
Interested in Oil 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 retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.