Bottom line: WTI Crude long term structure continues to remain bullish against $0.01 lows. The commodity might remain in control of bears as prices drop sharply after $43.75 highs. Bears might be poised to push towards $26.00 levels over the next few weeks.

 Fundamental Outlook:

DAX had managed to print a 5 month high at 13450 over the last week. The indice had remained under pressure last week as risk aversion returned with vengeance but reversed sharply closing +2.0% higher yesterday, closing around 13100 mark. As focus turns on Euro Zone Q2 GDP figures to be out today, it remains to be seen if DAX is able to hold its gains.

Global indices might remain vulnerable for another round of selloff as SPX500, Dow Jones, FTSE recover after last week’s drop. SPX500 and Dow Jones might rally over the next few sessions as markets re-open today.

WTI Crude prices has extended its losses and trades below $39.00 mark as we prepare to publish. The commodity had dropped close to -4.45% on Friday after the US Jobs data was released. As most risk assets might extend their declines, US Dollar could be a beneficiary, going forward.

Technical Analysis:

WTI Crude slipped to $38.45 lows before pulling back and is trading close to $39.00 mark as we prepare to publish. The commodity had hit resistance at $43.75 mark, before reversing sharply as bears remain poised to stay in control from here on.

WTI Crude had produced a series of higher highs and higher lows since $0.01 lows in March 2020. The commodity remained in control of bulls through $43.75 highs before finding resistance. Immediate resistance is seen around $43.75 mark, while support is around $37.00 levels respectively.

WTI Crude is expected to drop through $26.80 levels from here, which is the fibonacci 0.382 retracement of the entire rally between $0.01 and $43.75 respectively. High probability remains for a bullish bounce if prices manage to drop there.

Most traders might remain inclined to hold short positions and might add further around resistance (40.00/41.00). Protective stop might be placed above $43.75, while projected target could be around $26.00 mark respectively.

Prepared by

Harsh Japee, Technical Analyst.

WTI Crude Chart

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