Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark U.S. West Texas Intermediate (WTI) crude oil futures contract on the above four (4) hour MT 4 price action chart, the spot WTI contract is trading around $41.75 to $41.95 per barrel during the early Asian trade session.
This comes after the WTI crude contract broke above the rising trend line earlier in the week. Sentiment has improved after Pfizer announced a possible coronavirus vaccine was entering final stages of testing with a 90 percent effectiveness rate.
The economic calendar is picking up today. First up is the U.S. economic calendar. The world’s largest economy will publish weekly crude oil inventory levels. The United States is also publishing their monthly core and headline consumer price index (CPI) and their weekly first time and continuing claims data.
The United Kingdom will be releasing their preliminary quarterly gross domestic product (GDP) as well as their monthly industrial production as well as monthly manufacturing production data.
Also on the UK calendar is the monthly RICS housing price index and the 3m/3m services index. Germany is publishing their final monthly gross domestic product and the Eurozone will release their monthly industrial production data.
Daily WTI Crude Oil Technical Analysis
Looking at the above four hour MT 4 price chart, the relative strength index (RSI) is signaling that price action is still not overbought. This could see crude oil challenge the late August high price point in play at $43.85 per barrel.
The next upside barrier comes into play at the February 2020 low price point. This level lines up at $44 per barrel.
On the downside, the first layer of technical support lines up at $41.55 per barrel. A daily close below this level brings the two hundred (200) hourly moving average and nine (9) day old rising trend line support coming into play at $39.50 per barrel.
Traders should note that the key $40 per barrel support level could be a significant downside barrier to break as well.
