Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark West Texas Intermediate (WTI) crude oil futures contract and above four hour MT 4 chart, the WTI contract has fallen to a low of $40.85 per barrel during the early Asian trade session.
The WTI contract recently failed to break above the upper half of the falling trend channel in play since 23 July and fell back lower.
The economic calendar is very light. The United Kingdom has nothing on their calendar today and the European Union’s calendar is fairly quiet. The Eurozone is releasing monthly factory gate prices, known as the producer price index.
Spain will publish their monthly unemployment change. France will publish their monthly federal budget data.
The United States will release monthly factory orders data and Canada, the Great White North, is publishing monthly manufacturing purchasing managers’ index (PMI) data.
Daily WTI Crude Oil Technical Analysis
Looking at price action on the four hour MT 4 chart the WTI crude oil contract notes that bearish chart formation, with the falling trend channel, as well as waning upside momentum with the relative strength index (RSI). This is keeping pressure on the price of crude oil.
The first downside barrier to monitor lines up at the round $40 per barrel with a daily close below this first layer of technical support opening the door to challenge the next layer of technical support in play at support line of the above mentioned falling trend channel. That layer of support is at $39.60 per barrel.
A sustained close below the falling trend channel opens the door to challenge the 10 July low price point at $38.70 per barrel. The next layer of technical support lines up at the 25 July low price at $37. 20 per barrel.
On the flip side, a break above $41.10 per barrel should bring the bulls back into the market. The next upside barrier then lines up at $42.50 per barrel with $42.65 per barrel coming into play next.
