Forex Marketz Daily Forex News – Fully Markets Update
The popular U.S. West Texas Intermediate (WTI) crude oil futures contract is edging higher on Tuesday as traders look to challenge the key upside barrier in play at $73.80 per barrel.
Tuesday is all about consumer inflation as consumer price indices (CPI) will be published. The world’s largest economy, the United States, will release their monthly core and headline consumer price index (CPI) data and the euro area’s largest economy, Germany, is publishing their final monthly headline consumer price index. Switzerland is publishing monthly factory gate prices.
The private monthly BRC retail sales monitor, for the United Kingdom will be published. Canada has no economic data scheduled for publication.
Looking at the above daily U.S. West Texas Intermediate (WTI) crude oil chart, this oil contract has challenged a new year to date high price point. This occurred 6 July before correcting sharply lower. Crude buyers failed to keep up the momentum for further gains.
Daily U.S. WTI Crude Oil Technical Analysis
With that said, initial technical resistance lines up at the twenty (20) day simple moving average. This upside barrier is at $73.08 per barrel. Also, support is lining up at the double bottom in play at $70.30 per barrel.
The 14 day MACD histogram is signaling overbought conditions and possible bearish momentum for the WTI oil contract. This could signal further losses for U.S. crude oil.
The first downside barrier lines up at $72.50 per barrel with a daily close below here bringing the key layer of technical support at $71.20 into focus next.
On the upside, a daily close above $74.25 per barrel, the daily high price point on 12 July, would open the door to challenge the horizontal layer of technical resistance in play at $74.65 per barrel.
A sustained close above here would bring the 5 July high price point lining up at $75.82 into play next. After that $75.90 per barrel would then come onto the radar.
