WTI outlook: Oil hits new multi-week high on growing optimism about US-China trade talks

Slobodan Drvenica Windsor Brokers

WTI Oil

Growing optimism about a trade deal between the US and China that would ease tensions, boost economic growth and consequently boost demand, continues to lift oil prices.

WTI contract rose to the highest in over two months on Tuesday, extending the latest bull-leg into fourth straight day.

Fresh advance cracked important Fibo barrier at $65.58 (61.8% retracement of $72.27/$54.77 fall), after generating bullish signals on break above daily cloud and former recovery top of Apr 23 ($64.85).

Bulls hold grip and eye next target at $66.20 (100DMA), but strongly overbought stochastic (although still not showing signs of fatigue) generates initial warning that bulls may soon run out of steam.

Consolidation or shallow dips should be likely scenario in current situation when positive comments about the outcome of trade talks boost expectations for a good deal between two largest world economies and top oil consumers.

Extended dips should stay above daily cloud top ($64.12) to keep bulls intact for further advance.

Res: 65.76; 66.20; 66.88; 67.66.
Sup: 65.13; 64.85; 64.12; 63.52.

Interested in Oil technicals? Check out the key levels

1. R3 66.04
2. R2 65.32
3. R1 64.94
PP 64.21
1. S1 63.83
2. S2 63.1
3. S3 62.72

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

EUR/USD stays in tight channel near 1.1800

EUR/USD moves sideways in a narrow band at around 1.1800 in the second half of the day on Friday as investors refrain from taking large positions. February inflation data from Germany and January Producer Price Index figures from the US could drive the pair's action heading into the weekend.

GBP/USD struggles below 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band below 1.3500 on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the BoE easing expectations, acting as a headwind for the GBP.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.