Bottom line: WTI Crude medium term outlook remains bullish against $0.01 lows in April 2020. In the short term though, bears might remain in control as they prepare to push prices lower towards $24.00 levels at least.
Fundamental Outlook:
DAX had rallied close to 2.0% yesterday closing in around 12280 mark along with most Global Indices. Believe it or not, yesterday’s rally across risk-assets might be seen as a bull trap. COVID-19 infections have crossed over 10,400,000 and deaths over 500,000.
US in particular and the Asia-Pacific region has seen a dramatic rise in COVID-19 cases over the last few weeks. It could be just a matter of time before DAX along with Dow Jones, SPX500, NASDAQ, FTSE and others face another selloff.
WTI Crude has eased off its highs from $41.60 over the last week along with Brent Crude, which has slipped lower from $44.00 per barrel highs since June 23, 2020. Oil prices may feel renewed selling pressure as the world faces risk of another wave of COVID-19 infections.
Technical Analysis:
WTI Crude might have carved an intermediary top around $41.60 levels over the last week. It had dropped through $37.10, before staging a pullback rally towards $39.90 levels yesterday. Bears might be preparing for another round lower towards $24.00 in the short term.
WTI Crude has rallied from over $0.01 lows in April towards $41.60 highs on June 23, 2020. A corrective drop remains high probability before the commodity resumes higher again. The fibonacci 0.382 retracement of the above rally is seen through $24.00. High probability remains for a bullish bounce if prices manage to reach there.
Traders might be willing to sell around $39.50/40.00, with protective stops above $41.60 and projected targets towards $24.00 at least. The next fibonacci support comes in at $20.00 for a potential bullish reversal.
Prepared by
Harsh Japee, Technical Analyst.
WTI Crude Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
