WTI Oil outlook: Hits one month low on the latest optimistic signals about potential peace deal

Slobodan Drvenica Windsor Brokers

Brent oil fell over 5% on Wednesday on fresh optimism about potential end of US-Iran war and re-opening of Hormuz strait.

The price fell to the lowest in over one month, adding to growing bearish signals after the action was capped by $100 level (broken psychological support that reverted to strong resistance) for the third consecutive day.

In addition to currently favorable geopolitical conditions (cautious approach is required due to recent quick changes in the mood, following conflicting comments mainly from President Trump), predominantly bearish daily technical studies also show that the downside remains favored for now.

Near-term price action remains within daily cloud (spanned between $93.02 and $98.80), with the latest formation of daily Tenkan / Kijun-sen bear cross, generating negative signal and pointing towards pivotal $93.00 support zone (cloud base / Fibo 76.4% of $86.08/$115.26 rally.

Only bounce and close above upper breakpoints at $98.80 (cloud top) and $100 (psychological) would sideline bears.

Res: 98.80; 100.00; 100.70; 101.38

Sup: 94.15; 93.00; 92.00; 90.37

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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