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.

USCrude

Interested in Oil technicals? Check out the key levels

    1. R3 88.96
    2. R2 87.41
    3. R1 85.41
  1. PP 83.85
    1. S1 81.85
    2. S2 80.3
    3. S3 78.29

 

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.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD drops below 0.9750 after upbeat US PMI data

EUR/USD drops below 0.9750 after upbeat US PMI data

Following a brief consolidation period, EUR/USD came under bearish pressure and dropped below 0.9750 during the American session on Friday. Better than expected Manufacturing and Services PMI figures from the US provided a boost to the dollar, further weighing on the pair.

EUR/USD News

GBP/USD renews multi-decade below 1.0900

GBP/USD renews multi-decade below 1.0900

After having recovered toward 1.1100 earlier in the day, GBP/USD turned south in the American session and touched its lowest level since 1985 below 1.0900. The PMI data from the US showed that the private sector activity recovered in September, fueling another leg higher in DXY.

GBP/USD News

Gold falls below $1,650, looks to post weekly losses

Gold falls below $1,650, looks to post weekly losses

Pressured by the renewed dollar strength on upbeat US PMI figures, gold lost its recovery momentum and dropped below $1,650. Meanwhile, the 10-year US T-bond yield is up nearly 1%, forcing XAU/USD to stay on the backfoot heading into the weekend.

Gold News

BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price has produced three consecutive lower lows since September 7, but at the same time, the Relative Strength Indicator (RSI) has shown a positive rise demonstrating a lack of underlying bearish power.

Read more

TSLA suffers as yields continue to dominate

TSLA suffers as yields continue to dominate

Tesla (TSLA) reacted poorly to the latest central bank developments with the stock falling 4% on Thursday. Main indices were not as badly hit with the S&P 500 losing less than 1% and the Nasdaq just over 1%.

Read more

Majors

Cryptocurrencies

Signatures