Slobodan Drvenica
Windsor Brokers
WTI oil
WTI oil price tumbled on Friday, hitting the lowest levels since early January, as dollar spiked to new 20-year high and growing demand fears as sharp increase of interest rates is driving major economies into recession. The contract was down over 5.5% for the day until now, with losses likely to extend as bears accelerated through key technical supports.
Break of former low at $81.17 (Sep 8) signaled an end of corrective phase, with violation of psychological $80 support, adding to negative signals.
WTI is on track for the fourth straight weekly drop, with likely weekly close below $83.13 (broken Fibo 38.2% of 2020/2022 $6.57/$130.48 recovery) to generate strong bearish signal, which will be reinforced by close below $80 level.
Bears eye next pivotal supports at $78.48/$77.35 (Fibo 76.4% of $62.42/$130.48 bull-leg / 100WMA), violation of which would risk drop towards $72.34 (200WMA).
Res: 80.00; 81.17; 81.73; 83.13.
Sup: 78.48; 77.34; 74.25; 72.34.
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 languishes near its lowest level since March, trades just above mid-1.0500s
The EUR/USD pair enters a bearish consolidation phase and oscillates in a narrow range near its lowest level since March 16, around the 1.0555 area touched during the Asian session on Wednesday.
GBP/USD extends losses below 1.2150 on hot US data, focus shifts to Core PCE, UK GDP
GBP/USD continues the losing streak that began on September 20, trading below 1.2150 during the Asian session on Wednesday. Upbeat economic data from the United States (US) reinforces the prevailing pressure on the pair.
Gold price remains vulnerable near one-month low on bullish USD, Fed rate hike bets
Gold price shows some resilience below the $1,900 mark during the Asian session on Wednesday, albeit struggles to register any meaningful recovery from over a one-month low touched the previous day.
This short-term Bitcoin holder indicator forecasts another rally for BTC
Bitcoin price has been malleable to the short-term holder movements. A large spike in profits for short-term holders is almost always met by a correction in BTC.
US government shutdowns and US Dollar implications
A potential US government shutdown that could start October 1st looms, the chances of which are more or less seen as a coin flip at this point. Should a shutdown transpire, there could be a negative impact of the US Dollar.