Bottom line: WTI Crude long term structure continues to remain bullish against $0.01 lows since March 2020. The commodity faces strong resistance around $43.50 mark and bears are looking poised to turn lower towards $27.00 at least in the near term.

 Fundamental Outlook:

DAX had managed to rally over +2.25% yesterday, closing in at 13075 mark. Futures are trading higher towards 13160 mark, as we prepare to publish. The Q2 GDP for Germany clocked in better than expected at -11.3% today. The indice might be facing selling pressure around 13300 mark. The upcoming Jackson Hold Symposium would be a closely watched event as well.

WTI Crude has held below the $43.50 high registered on August 05, 2020. Price action has remained subdued since then, as the commodity remains vulnerable for a sell off. With the US Dollar set to gain, risk assets, global indices along with Oil might go the other way.

Gold prices consolidate after peaking at $2075 levels on August 07, 2020. A failure to push above all-time highs in the next few sessions may add to further selling pressure coupled with the expected US Dollar strength. The metal might trade in a range between $1930 and $2000 for a few more sessions.

Technical Analysis:

WTI Crude might be preparing to correct lower towards $27.00 levels in the short term. The commodity had hit resistance around $43.50 mark early this month and since then, it has remained sideways. A break below $41.20 would confirm a top is in place and accelerate lower.

WTI Crude has produced a meticulous rally since the last few weeks, after hitting lows at $0.01 levels. The entire rally between $0.01 through $43.50 might be retraced, before bulls are back in control. The fibonacci 0.382 retracement is seen towards $27.00 levels, and hence probabilities for a bullish bounce remain high.

Most traders might have booked profits on long positions taken earlier and could be preparing to remain short from current price action ($42.50/60). Protective stops might be placed above $44.00 ,ark and projected target remains towards $27.00 mark.

Prepared by

Harsh Japee, Technical Analyst.

WTI Crude Chart

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。