Oil Price Analysis: WTI trades in three-week’s highs near $26.50 a barrel

Oil is well supported after Trump gives hope for a Saudi-Russian deal.
The level to beat for buyers is the 28.00 resistance.

Flavio Tosti Independent Analyst

WTI daily chart

WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.

WTI four-hour chart

WTI is attempting to break from the range of the last weeks while holding above the 24.00 level and the 50/100 SMAs on the four-hour chart as a breakout above the 28.00 handle can introduce scope to further gains towards $32.00 a barrel. Support is seen near the 24.00, 22.00 and 20.00 levels.

Additional key levels

WTI

Overview
Today last price	28.75
Today Daily Change	2.51
Today Daily Change %	9.57
Today daily open	26.24

Trends
Daily SMA20	27.45
Daily SMA50	41.43
Daily SMA100	50.23
Daily SMA200	53.13

Levels
Previous Daily High	29.01
Previous Daily Low	22.57
Previous Weekly High	25.85
Previous Weekly Low	21.19
Previous Monthly High	48.74
Previous Monthly Low	20.57
Daily Fibonacci 38.2%	26.55
Daily Fibonacci 61.8%	25.03
Daily Pivot Point S1	22.87
Daily Pivot Point S2	19.5
Daily Pivot Point S3	16.43
Daily Pivot Point R1	29.31
Daily Pivot Point R2	32.37
Daily Pivot Point R3	35.74

Author

Flavio Tosti

Independent Analyst

GBP/USD looks vacillating near 1.3550

GBP/USD alternates gains with losses in the mid-1.3500s on Tuesday. Cable’s vacillating price action follows humble gains in the Greenback at the time when investors assess latest US data releases and the persistent uncertainty in the US-Iran crisis.

EUR/USD hovers around 1.1600 post-US data

EUR/USD trades slightly on the defensive, gyrating around the 1.1600 level on turnaround Tuesday. The pair’s daily correction comes on the back of a decent bounce in the US Dollar despite both the US ISM Manufacturing PMI and JOLTs Job Openings missed estimates.

Gold trims losses; bears still look at $4,300

Gold extends Monday’s pessimism and slipped back to nearly three-week lows just above the $4,300 mark per troy ounce on Tuesday. The US Dollar’s rebound couple with rising US Treasury yields weigh on the precious metal despite tensions in the Middle East appear far from abated.

Crypto Today: Bitcoin, Ethereum, XRP struggle to extend gains despite ETF inflows

Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.

Global bond market sell off haunts markets

Global sovereign bonds are selling off as we start a new month. The UK is, unsurprisingly, taking the biggest hit. Two and 10-year yields rose by 10 basis points at one point on Tuesday, and are currently higher by 7 and 8bps respectively.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.