US CRUDE OIL
WTI oil moved higher on Monday and hit session high at $71.86, boosted by improved global sentiment after US and China put looming trade war on hold.
Oil price remains supported by geopolitical risk, as implementation of the US sanctions on Iran could cause shortage in global oil supply and also by fall in oil production in Venezuela, due to ongoing economic crisis.
Bullish techs continue to underpin oil price, as momentum continues to strengthen and rising 10SMA, which tracks the advance since early April, contained dips last week, keeping the downside protected.
Bulls eye fresh 3 ½ year high at $72.28 (posted on 17 May), break of which would expose Fibo projections at $72.48 & $72.85 (138.2% & 161.8% respectively), with stronger bullish acceleration expected to open $74.94 (Oct 2011 low) and $76.35 (Fibo 61.8% of 107.45/$26.04 fall) in extension.
Top of thick rising 4-hr cloud ($71.08) and ascending 10SMA ($71.13) mark solid supports which should ideally contain dips and keep bulls intact.
Res: 71.86; 72.28; 72.48; 72.85
Sup: 71.13; 70.65; 70.25; 70.00
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 steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.