Oil Technical Analysis: Black Gold breaks to 2-month’s high flirting with $55.00 a barrel opening the gates to 62.00 target

Flavio Tosti Independent Analyst

Oil daily chart

Crude oil WTI is trading below its 200-day simple moving average.
The weekly EIA Crude Oil Stocks change this wednesday reported a draw of 0.919 Million barrel against 3 Million expected by analysts, sending black gold to 2-month’s highs.

Oil 4-hour chart

WTI is trading above its main SMAs suggesting bullish momentum in the medium-term.

Oil 30-minute chart

While corrective moves down in the short term can be expected, the bulls are in control and WTI could reach $62.00 a barrel in the coming weeks/months.

Additional key levels

WTI

Overview:
    Today Last Price: 54.83
    Today Daily change: 147 points
    Today Daily change %: 2.75%
    Today Daily Open: 53.36
Trends:
    Daily SMA20: 51.9
    Daily SMA50: 50.57
    Daily SMA100: 58.47
    Daily SMA200: 63.6
Levels:
    Previous Daily High: 54.04
    Previous Daily Low: 51.96
    Previous Weekly High: 54.51
    Previous Weekly Low: 51.91
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Daily Fibonacci 38.2%: 53.25
    Daily Fibonacci 61.8%: 52.75
    Daily Pivot Point S1: 52.2
    Daily Pivot Point S2: 51.04
    Daily Pivot Point S3: 50.12
    Daily Pivot Point R1: 54.28
    Daily Pivot Point R2: 55.2
    Daily Pivot Point R3: 56.36

Author

Flavio Tosti

Independent Analyst

EUR/USD recovers above 1.1600 as focus shifts to US data

EUR/USD stages a modest rebound and trades in positive territory above 1.1600 in the European session on Wednesday. Improving risk sentiment makes it difficult for the US Dollar to preserve its strength and helps the pair edge higher as focus shifts to key US data releases.

GBP/USD climbs above 1.3350 on improving risk mood

GBP/USD gains traction and advances toward 1.3400 on Wednesday. Although there are no headlines pointing to a de-escalation in the Middle East conflict, the modest recovery seen in US stock index futures limit the USD's gains and help the pair hold its ground.

Gold rebounds toward $5,200 as USD retreats

Gold maintains its offered tone through European session on Wednesday and climbs to the $5,200 region. The downward correction seen in the US Dollar and the ongoing crsis in the Middle East seem to be allowing XAU/USD to preserve its recovery momentum.

ADP Employment Report set to signal stronger February jobs growth, little effect on Fed outlook

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for February on Wednesday. The so-called ADP Employment Change report is expected to show that the United States private sector added 50K new positions in the month, following the 22K gained in January.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.