Slobodan Drvenica
Windsor Brokers
US CRUDE OIL
WTI oil price holds slight bid tone on Tuesday following double downside rejection ($63.02/11 on Fri/Mon) and Monday's close above 10SMA ($63.45) which also formed Hammer candle, generating initial signal of stall of pullback from $64.77 peak. Repeated close above 10SMA today would reinforce signal and increase hopes of reversal. Bullish momentum and daily MA positive setup keep overall bullish structure intact and favor scenario of shallow correction ahead of fresh advance. Today's repeated close above 10SMA and formation of second Hammer would confirm scenario. Traders focus release of American Petroleum Institute (API) crude stocks report, due later today and Wednesday's release of official government report from Energy Information Administration for fresh signals. Expectations point to another build in crude stocks that will be the third consecutive increase, which would increase pressure on oil prices. Negative signals could be also expected from rising worries that Russia may pull out from agreement between top oil exporters, to reduce oil production and tighten oil market, on OPEC meeting in Jun
Res: 63.82; 64.77; 65.00; 65.37
Sup: 63.57; 63.02; 62.26; 61.85
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.