Crude Oil WTI Technical Analysis: Stalling below $69.00 a barrel

Crude oil is about to end the day virtually unchanged as the market traded between 67.72 support and $68.88 a barrel.
As crude oil didn’t manage to breakout above 69.00, it is a sign of weakness for bulls which opens up the possibility of the potential resumption of the bear trend. A breakout above 69.00 could lead to a breakout towards 70.00.
Support is the 67.72 level, June 26 low and 67.16 June 14 high.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 68.09
Relative change: 0.13%
High: 68.88
Low: 67.67

Trend: Bullish above 69.00

Resistance 1: 68.30 supply/demand level
Resistance 2: 69.00 figure
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 5: 70.53 May 24 low
Resistance 6: 71.19 May 23 low
Resistance 7: 72.13 July 6 low
Resistance 8: 73.00 figure

Support 1: 67.72 June 26 low
Support 2: 67.16 June 14 high
Support 3: 66.53 June 20 high
Support 4: 65.71, June 22 low

Author

Flavio Tosti

Independent Analyst

EUR/USD flat lines below 1.1900; divergent Fed-ECB expectations offer support

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1835-1.1830 region and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.1875 area, remaining nearly unchanged for the day and staying within striking distance of an over one-week high, reached on Tuesday, amid mixed cues.

GBP/USD slips heading into the Thursday trading window

The Pound Sterling pulled back from four-year highs on Wednesday, weighed down by a combination of Bank of England dovishness and UK political uncertainty, even as the US Dollar weakened on soft labor market revisions.

Gold holds losses near $5,050 despite renewed USD selling

Gold price trades in negative territory near $5,050 in Thursday's Asian session. The precious metal faces headwinds from stronger-than-expected US employment data, even as the US Dollar sees a bout of fresh selling. All eyes now remain on the next batch of US labor statistics.

Crypto trades through a confidence reset

The cryptocurrency market is navigating a liquidity-driven reset rather than a narrative-driven rally. Bitcoin, Ethereum and major altcoins remain under pressure even as new exchange-traded fund filings continue and selected inflow days appear on the tape.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

XRP sell-off deepens amid weak retail interest, risk-off sentiment

Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.