Slobodan Drvenica
Windsor Brokers
WTI oil consolidates under new 2019 high at $59.84, posted in extension through Fibo barrier at $59.62 (50% of $76.88/$42.36) on Tuesday.
Strong bullish sentiment in oil market was additionally boosted by promises from top oil producers, led by Russia and Saudi Arabia to comply with agreement for reduced production and increase of the reduction, as the market is still oversupplied.
The OPEC+ group aims to further tighten oil markets and push the price of WTI contract towards targeted level of $80 per barrel. Bulls need close above cracked Fibo barrier at $59.62 to generate fresh bullish signal, for attack at psychological $60 barrier and extension towards 200SMA ($61.82).
Caution on overbought daily slow stochastic and weaker momentum that could result in consolidative/corrective action ahead of fresh push higher.
Rising 5SMA offers initial support at $58.77, with dips expected to find ground above ascending 10SMA ($57.62) to keep bulls intact.
Res: 59.62; 59.84; 60.00; 61.82
Sup: 59.23; 58.77; 58.04; 57.62
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 holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
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.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.