Forex Marketz Daily Forex News – Fully Markets Update
The U.S. West Texas Intermediate (WTI) crude oil futures contract saw a two day long losing streak come to an end. The WTI contract is consolidating weekly losses around $80.35 to $80.20 per barrel headed into Friday’s trade session.
The black gold is also challenging the two hundred (200) hour simple moving average, which is immediate technical support.
The United States will see the monthly University of Michigan consumer sentiment index published. The U.S. Labor Department is releasing monthly JOLTS jobs openings. Weekly crude oil data from the private industry firm Baker Hughes will be of interest to crude oil traders.
The euro area calendar is quiet headed into the weekend. France will publish their monthly consumer price index (CPI). The Eurozone is releasing their monthly industrial production data. The United Kingdom has no top tier economic numbers schedule for release headed into the weekend.
Daily U.S. West Texas Intermediate Crude Technical Analysis
Looking at the above four hour MT 4 price chart, crude oil is trading on either side of the above mentioned 200 hour simple moving average. The MACD histogram looks directionless as oil could continue consolidating around the 200 hour simple moving average and below a three week old falling trend line towards the upside.
As the WTI futures contract trades between two key technical levels at $79.25 and $83.50, there is technical support lining up at $80 per barrel and technical resistance lining up at $82.50 per barrel. On the downside, the 61.8 percent Fibonacci level lines up near $77.60. This comes into focus with a daily close below $79.25 per barrel.
The next downside barrier lines up at the September high price point near $76.50 per barrel with the six week low price point at $73 per barrel. While above $80 per barrel, U.S. WTI could challenge $82.50 first with $83 coming into play next.
