Bottom line: WTI Crude long term structure continues to remain bullish against $0.01 lows since March 2020. The commodity faces strong resistance around $43.50 mark and bears are looking poised to turn lower towards $27.00 at least in the near term.
Fundamental Outlook:
DAX had managed to rally over +2.25% yesterday, closing in at 13075 mark. Futures are trading higher towards 13160 mark, as we prepare to publish. The Q2 GDP for Germany clocked in better than expected at -11.3% today. The indice might be facing selling pressure around 13300 mark. The upcoming Jackson Hold Symposium would be a closely watched event as well.
WTI Crude has held below the $43.50 high registered on August 05, 2020. Price action has remained subdued since then, as the commodity remains vulnerable for a sell off. With the US Dollar set to gain, risk assets, global indices along with Oil might go the other way.
Gold prices consolidate after peaking at $2075 levels on August 07, 2020. A failure to push above all-time highs in the next few sessions may add to further selling pressure coupled with the expected US Dollar strength. The metal might trade in a range between $1930 and $2000 for a few more sessions.
Technical Analysis:
WTI Crude might be preparing to correct lower towards $27.00 levels in the short term. The commodity had hit resistance around $43.50 mark early this month and since then, it has remained sideways. A break below $41.20 would confirm a top is in place and accelerate lower.
WTI Crude has produced a meticulous rally since the last few weeks, after hitting lows at $0.01 levels. The entire rally between $0.01 through $43.50 might be retraced, before bulls are back in control. The fibonacci 0.382 retracement is seen towards $27.00 levels, and hence probabilities for a bullish bounce remain high.
Most traders might have booked profits on long positions taken earlier and could be preparing to remain short from current price action ($42.50/60). Protective stops might be placed above $44.00 ,ark and projected target remains towards $27.00 mark.
Prepared by
Harsh Japee, Technical Analyst.
WTI Crude Chart
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