Slobodan Drvenica
Windsor Brokers
WTI
Bears are taking a breather after the latest bearish acceleration in past three days (oil price was down 5%) deflated by easing tensions in the Middle East and rise in US crude stocks (API report).
Oversold daily studies and Tenkan-Kijun-sen turned sideways, suggesting that bears are running out of steam, which may prompt traders for a partial profit-taking.
The notion is supported by the fact that oil price has repeatedly failed to register a daily close below June 4 low ($72.46).
This marks solid support, and another bounce may occur, following a triple failure in early August.
Upticks face initial resistances at $74.00/33, followed by $75.00/44, with $76.00 zone (converged 10/20DMA’s / 4-hr Ichimoku cloud base) expected to cap and mark a healthy correction.
Eventual close below $72.46 pivot and $71.66 (Aug 5 spike low) to unmask psychological $70 support.
Res: 74.00; 74.33; 75.00; 75.44.
Sup: 72.46; 72.19; 71.66; 71.00.
Interested in WTI technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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