US CRUDE OIL
WTI oil hit new 2019 high at $58.65 on Thursday (the highest since 13 Nov 2018), in extension of strong bullish acceleration on Wednesday that resulted in eventual break and close above previous highs at $57.79/85.
Oil price was boosted by unexpected drop in US crude inventories which showed draw of 3.8 mln bls previous week against expected increase of 2.6 mln bls and previous week's strong build of 7 mln bls.
Adding to positive sentiment was attempt of Saudi Arabia to further reduce oil production and reduced supply from Iran (due to US sanctions) and Venezuela (hit by sanctions and political turmoil.
Traders took some profits after three-day rally, sending the price lower, but bias remains bullish and sees current easing as positioning for fresh upside attempts towards targets at $59.62 (50% retracement of $76.88/$42.36) and $60.0 (psychological barrier). Former highs mark initial supports ($7.85/79), with extended dips expected to find ground above converged 10/20SMA's ($56.72) and keep bulls in play.
Res: 58.65; 59.62; 60.00; 61.27
Sup: 57.85; 57.24; 56.72; 55.94
Interested in Oil technicals? Check out the key level
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 modest gains above 1.0650 ahead of US data
EUR/USD trades modestly higher on the day above 1.0650 in the early American session on Tuesday. The upbeat PMI reports from the Eurozone and Germany support the Euro as market focus shift to US PMI data.
GBP/USD extends rebound, tests 1.2400
GBP/USD preserves its recovery momentum and trades near 1.2400 in the second half of the day on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength against its rivals.
Gold flirts with $2,300 amid receding safe-haven demand
Gold (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark in the European session. Eyes on US PMI data.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.