Chart of the day: OIL.WTI

WTI crude futures fell sharply yesterday as traders reassessed the demand outlook following recent mixed news regarding Omicron strain. Earlier studies suggested that a new variant of the Covid-19 virus results in less severe reactions in patients than previous versions. However, a recent study by a Japanese scientist found that the new variant is 4.2 times more transmissible than the delta, and has a higher chance of escaping immunity built naturally and through vaccines. Also European countries are struggling with the fourth wave of the pandemic and several nations implemented new mobility restrictions ahead of the holiday season, a vital period for the retail sector in particular. These actions together with recent EIA data weighed on sentiment this week

Nevertheless it seems that buyers manage to halt declines around major support at $71.00 which coincides with 61.8% Fibonacci retracement of the last upward wave and 200 SMA (red line). 

OIL.WTI, D1 interval. Source: xStation5

Share this post

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Technical Analysis

Chart of the day: US2000

Market interest rates continue to rise with the US 10-year Treasury yield hovering near 1.9%. While higher rates are usually seen as negative for the

Read More »
Market Update

Morning Wrap

US indices slumped yesterday as Treasury yields jumped. S&P 500 dropped 1.83%, Dow Jones moved 1.51% lower and Nasdaq slumped 2.60%. Russell 2000 plunged 3.06%

Read More »

Already have an account?

Let's start trading

Sign up and start trading. After sign up is complete you will be redirected to your Trader’s Dashboard, here you can fund your account and access your trading account.

Learn Trading

Free Coaching

Free Education Center

The Best Trading Platform

Create an account

Signup
Signup