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Trending
SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6920.92
6920.92
6920.92
6965.70
6919.18
-23.90
-0.34%
--
DJI
Dow Jones Industrial Average
48996.07
48996.07
48996.07
49621.43
48951.99
-466.00
-0.94%
--
IXIC
NASDAQ Composite Index
23584.26
23584.26
23584.26
23723.37
23504.22
+37.10
+ 0.16%
--
USDX
US Dollar Index
98.430
98.510
98.430
98.490
98.390
-0.050
-0.05%
--
EURUSD
Euro / US Dollar
1.16793
1.16800
1.16793
1.16827
1.16723
+0.00040
+ 0.03%
--
GBPUSD
Pound Sterling / US Dollar
1.34505
1.34515
1.34505
1.34651
1.34503
-0.00063
-0.05%
--
XAUUSD
Gold / US Dollar
4435.95
4437.01
4435.95
4466.25
4415.55
-20.19
-0.45%
--
WTI
Light Sweet Crude Oil
56.125
56.161
56.125
56.362
56.006
-0.175
-0.31%
--
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SlowBear ⛅
EuroTrader
Daniel Beminboy
- All
- Russia-Ukraine Conflict
- Middle East Flashpoint
Technical Bullish Signals Are Strengthening with Box Breakout
Summary:
At the beginning of the new year, the sentiment in the crude oil market is optimistic, with prices breaking through the previous range-bound trading zone, potentially signaling the start of a new upward trend.
EXPIRED
72.100
Entry Price
75.000
TP
70.000
SL
56.129 -0.171 -0.30%
--
Pips
EXPIRED
70.000
SL
78.206
Exit Price
72.100
Entry Price
75.000
TP
Fundamentals
On the first trading day of 2025, global financial markets experienced a resurgence, with the U.S. dollar, crude oil, and gold all starting the year on a positive note. Despite concerns over weak demand and increased supply that have constrained oil prices over the past year, investors returning from the New Year holiday appear to be optimistic about the market, showing a notable increase in risk appetite, particularly regarding the recovery of the Chinese economy and crude oil demand.
In terms of economic data, initial jobless claims in the U.S. fell to their lowest level in eight months, indicating that the U.S. economy remains relatively robust, which tends to support crude oil demand. However, the significant increase in gasoline and distillate inventories reported by the EIA has weighed on oil prices. Although the news is mixed and there have been no major fundamental changes, WTI crude oil has surged to a two-month high, reflecting strong bullish sentiment in the market. After breaking free from previous volatility, a technical bullish trend is currently dominating market movements, suggesting that oil prices are likely to rise in the short term.
Technical Analysis
In the 1D timeframe, WTI has been fluctuating between 66.0 and 72.0 in recent months. At the start of the new year, oil prices showed a positive performance, breaking through 73.0 and initially overcoming previous resistance, thereby opening up a new upward trend. The range of 70.0 to 72.0 is expected to shift from prior resistance to support. If there is a short-term pullback to this range, it may attract significant buying interest and maintain a bullish outlook. However, if prices fall below 70.0, caution is warranted as oil may revert to a fluctuation pattern.
It is recommended to go long at the lows. Namely, you can go long around 72.0 if prices stabilize, with a target near the resistance of 75.0 and a stop-loss below 70.0.
Trading Recommendations
Trading Direction: Buy
Entry Price: 72.1
Target Price: 75.0
Stop Loss: 69.8
Support: 70.6/72.0
Resistance: 73.0/75.0
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