Crude Oil WTI Technical Analysis: Oil sliding down below 73.50 ahead of EIA

Crude oil is trading near session’s lows after the market was unable to breakout above the bull flag on Wednesday because WTI bulls were trapped in a rising wedge (dotted lines).
Bears are sliding down the main bear channel upper trendline. If bulls are unable to regain control soon, a bear breakout might be on the cards.
The EIA Crude Oil Stocks change to July 2 is scheduled to be released at 14:30 GMT and can potentially provide volatility.

Flavio Tosti Independent Analyst

Crude oil 15-minute chart

Spot rate: 73.24
Relative change: -1.04%
High: 74.24
Low: 73.13

Trend: Neutral to bearish

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

Support 1: 73.00 figure
Support 2: 72.83 June 27 swing high
Support 3: 72.00 figure
Support 4: 71.19 May 23 low
Support 5: 70.53 May 24 low

Author

Flavio Tosti

Independent Analyst

EUR/USD struggles aroound 1.1800 as USD stabilizes

EUR/USD stays defensive around 1.1800 in the European session on Thursday. The US Dollar stabilizes, following the recent decline led by tariff uncertainty, capping the pair's upside. All eyes now remain on the US-Iran nuclear talks after ECB President Lagarde's testimony fails to impress Euro bulls.

GBP/USD drops toward 1.3500 as USD finds fresh demand

GBP/USD falls back toward 1.3500 in the European session on Thursday, snapping its recovery momentum. The pair loses traction as the US Dollar finds fresh demand, as markets turn cautious ahead of the US-Iran nuclear talks. The US trade policy uncertainty also remains a drag on risk sentiment.

Gold clings to gains amid sustained safe-haven flows ahead of US-Iran talks

Gold sticks to its modest intraday gains through the first half of the European session on Thursday, with bulls still awaiting a sustained move and acceptance above the $5,200 mark before placing fresh bets.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

The one thing everyone is on the lookout for is US action of some sort against Iran

The FX market is minestrone soup these days. It is befuddled by conflicting data, rumors and small stories exaggerated out of proportion, and Trump-generated uncertainty.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.