- WTI crude is trading in an extremely narrow range on the day. The pair made a session high at 68.06 and a low of 67.68.
- Escalating trade tensions between U.S.-China negate falling US stockpiles-led optimism.
- Price is extending declines for the 4th straight session. Technical studies are still bearish.
- Stochs and RSI are biased lower and MACD is on verge of a bearish crossover on signal line.
- Downside is holding above strong trendline support at 67.50. Break below will see weakness.
- Markets now await fresh direction from the US NFP and Bakers and Hughes oilfield services US rigs count data.
- Break below 110-EMA could see weakness till 64.45 (Aug 16 low) ahead of 38.2% Fib at 62.57.
Support levels - 67.50 (110-EMA), 67, 64.45 (Aug 16 low)
Resistance levels - 68.73 (5-DMA), 69.10 (50-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-US-Oil-fails-to-hold-above-daily-cloud-slips-below-100-DMA-bias-lower-1424372) has hit all targets.
Recommendation: Stay short on break below 110-EMA, SL: 68.75, TP: 67/ 66/ 65.45
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 27.0931 (Neutral) at 1015 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
