Crude Oil WTI Technical Analysis: Bears take over, WTI en route to worst daily close since mid-June

Crude oil finally broke below $73.00 a barrel after two days of consolidation.
Crude oil is currently en route to test last week’s low at 72.25. A breakout below the level can lead to an exacerbation of the bear move. However, bears will need to overcome the 72.00 figure and the lower trendline which can both act as support in the near-term.
Pullbacks can be expected and immediate resistances are seen near 72.53 July 5 low and the 73.00 figure.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 72.41
Relative change: -2.19%
High: 74.24
Low: 72.12

Trend: Bearish

Resistance 1: 72.53 July 5 low
Resistance 2: 73.00 figure
Resistance 3: 73.25 November 14, 2014 low
Resistance 4: 74.00 figure
Resistance 5: 74.71 November 17, 2014 low
Resistance 6: 75.27 current 2018 high
Resistance 7: 75.45 November 24, 2014 low
Resistance 8: 76.00 figure

Support 1: 72.83 June 27 swing high
Support 2: 72.25 last week’s low
Support 3: 71.19 May 23 low
Support 4: 70.53 May 24 low

Author

Flavio Tosti

Independent Analyst

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

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.

US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran. The US bombed multiple locations in Tehran, Iran’s Tasnim news agency reported. Israel’s Prime Minister Benjamin Netanyahu said that the attacks on Iran were aimed to remove an “existential threat”.

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.