WTI technical analysis: Bears in control below daily moving averages

Ross J Burland FXStreet

Bears now look to the 52 handle in series of lower lows.
Overnight, WTI took on fresh weekly lows below the prior 56.77.

Oil continues to slide and further away from the 20-day moving average and below the confluence of the 50 and 200 moving averages of the same period down at 57.90. Overnight, WTI took on fresh weekly lows below the prior 56.77 and the series of bearish pin bars shows that there is strong supply on correction attempts. Bears now look to the 52 handle before the 14th Jan 50.41 lows. Further lower, the 26th November lows are located at 49.44 as a target.

WTI

Overview
Today last price	56.64
Today Daily Change	-0.05
Today Daily Change %	-0.09
Today daily open	56.69

Trends
Daily SMA20	58.33
Daily SMA50	57.64
Daily SMA100	59.44
Daily SMA200	57.1

Levels
Previous Daily High	58.49
Previous Daily Low	56.36
Previous Weekly High	60.99
Previous Weekly Low	57.37
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	57.17
Daily Fibonacci 61.8%	57.68
Daily Pivot Point S1	55.87
Daily Pivot Point S2	55.05
Daily Pivot Point S3	53.74
Daily Pivot Point R1	58
Daily Pivot Point R2	59.31
Daily Pivot Point R3	60.13

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

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.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.