Bottom line: WTI Crude long term structure continues to remain bullish against the historic low at $0.01 in April. The commodity might have carved an intermediary lower high around $41.60 mark. Bears might be looking to remain in control over the short term as they prepare to push towards $25.50 at least.

 Fundamental Outlook:

DAX has managed to open the week on a strong footing by rising close to +1.0% yesterday. The indices closed around 13073 and futures are trading above 13130 mark as we prepare to publish this update. The indice might be taking its cues from the Dow Jones and SPX500, as risk appetite returns.

WTI Crude has been stalled just below the $41.50 mark and has been trading in a tight range since last several trading sessions. Oil prices might come under renewed selling pressure with Q2 earnings in focus. The fragile investor sentiment might weigh on Oil prices going forward.

Gold hits fresh highs yet again around $1820 levels. The yellow metal might be poised to gain further if the US Dollar continues to decline. The DXY (US Dollar Index) had print 95.63 lows during early hours of trade today, before pulling back.

Technical Analysis:

WTI Crude has been drifting sideways after hitting $41.60 per barrel on June 23, 2020. Bears might be looking to remain in control from here as they prepare to push towards $25.50 at least. A drop towards $15.75 also remains possible, going further.

WTI Crude has been in a religious up trend since April lows around $0.01 levels. The commodity had managed to rally through $41.60 levels before finding resistance. At least a corrective drop towards $25.50 remains possible, going further.

Most traders might be preparing to buy towards $25.50 levels since it is also the fibonacci 0.382 retracement of the entire rally between $0.01 through $41.60 respectively. Only a consistent break above $42.00 would change the intermediary bearish structure.

Prepared by

Harsh Japee, Technical Analyst.

WTI Crude Chart

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