Forex Marketz Daily Forex News – Fully Markets Update
Looking at the above spot West Texas Intermediate (WTI) spot crude oil MT 4 chart, in daily time frame, the bulls are taking a break near $37.25 per barrel as well as the two day simple moving average (SMA).
The spot contract has been recovering from registering a low price point not seen since 29 May on Monday.
There is not a lot on the economic calendar to affect the price of the spot WTI crude oil contract. The United States is publishing monthly factory orders. Canada has no economic data releases and the United Kingdom has a quiet economic calendar. The Eurozone has no data scheduled to be released and France will publish their monthly government balance sheet.
The big event today is Election Day in the United States. This has been a contentious and divisive battle for the White House as well as the U.S. Senate. Democratic Nominee Joe Biden has a narrow lead over President Donald Trump in six key swing states. Mr. Biden also continues to lead President Trump in national opinion polls.
Daily WTI Spot Crude Oil Futures Technical Analysis
Looking at the above spot contract price chart, the 200 day simple moving average lining up around $37.57 per barrel is restricting upside momentum. Looking at the 14 day MACD histogram, there is a bearish trend signal in play.
With that said, the September low price point at $36.43 per barrel is the first downside barrier in play. The next layer of technical support then lines up at $35.82 per barrel.
On the upside, a daily close above the 200 day SMA at $37.57 per barrel will open the door to challenge the early October high low price point in play at $39.30 per barrel. The next upside barrier lines up at the key and round number of $40 per barrel. A sustained close above $40 per barrel will bring $41.92 per barrel into focus.
