Forex Marketz Daily Forex News – Fully Markets Update
Looking at the West Texas Intermediate (WTI) crude oil futures contract on the above hourly MT 4 price action chart, the black gold is flirting with levels above $48 per barrel.
This benchmark crude oil contract is trading around $48.30 per barrel during the early Asian trade session in relatively light trade volume.
The WTI crude oil contract found some support after weekly U.S. inventory levels, from the private industry group the API, showed a contraction of 4.875 million barrels instead of adding 2.7 million barrels for the week ending 25 December.
Later today, United States is releasing their monthly Chicago purchasing managers’ indices (PMI). Spain will publish their monthly flash consumer price index. Other than that the economic calendar is pretty light heading into the final two trade days of the year.
The United Kingdom will publish their monthly private Nationwide housing price index today and Switzerland is releasing an economic barometer (monthly).
In the United States, on their political front, the US Senate has blocked the passage of the $2,000 payment to American households.
Daily WTI Crude Oil Technical Analysis
Looking at the above WTI price action chart, the one hundred (100) hour simple moving average is acting as immediate support. The relative strength index (RSI) as well as the MACD histogram are normal as oil looks in good shape for the bulls for now.
A daily close above $48.20/30 per barrel will open the door to challenge the upside barrier at the 18 December and weekly high price point at $49 per barrel. The next layer of technical resistance lines up at $49.40 per barrel with the round $50 level then coming into focus.
A daily close below the one hundred hour simple moving average near $47.70 per barrel opens the door to challenge a congestion zone at $47.50 to $47.55. The next downside barrier is at $47 per barrel with the 23 December low price point at $46.40 then coming into focus.
