Slobodan Drvenica
Windsor Brokers
WTI oil price rose over 1% on Monday after better than expected China’s manufacturing data boosted positive sentiment, while fresh concerns about the Middle East ceasefire collapse, add support.
Fresh gains peaked above $69.00 mark but were so far unable to hold gains, as Friday’s bearish candle with long upper shadow, points to solid offers.
Oil price remains below psychological $70 level for the sixth consecutive day and also hold below converged daily Tenkan/Kijun-sen ($69.69), with near-term action being also weighed by last Monday’s large bearish candle (oil price was down 3.25% in the biggest daily fall since Oct 14).
On the other hand, bears have so far found a temporary footstep at $68.00 zone that keeps near-term action within a range.
Technical studies are mixed on daily chart as 14-momentum is neutral, MA’s in bearish configuration and stochastic is oversold.
Look for direction signals on break of either $68.00 or $70 triggers.
Res: 69.33; 70.00; 70.30; 71.00
Sup: 68.00; 66.93; 66.33; 65.26
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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