Intel Reports Q2 Earnings Today
What will happen? Intel, the US IT company, will present its earnings report for the second quarter on July 22 after the stock market closes (23:00 GMT+3)…
Oil rally takes a break
Information is not investment advice
What happened?
WTI oil surged above $52.00 for the first time since February. Why? Firstly, Joe Biden pledged to inject trillions of dollars into the US economy to fight against the Covid-19 effect. The market reaction after the announcement offered a boost to crude oil. Secondly, Saudi Arabia pledged to make deeper oil output cuts. Finally, the recent vaccine breakthroughs improved the sentiment and added optimism for a recovery in oil demand.
What’s next?
Crude oil has stopped after last week’s strong rally as investors are assessing the increased demand for the US dollar. A stronger greenback has made raw materials as crude oil more expensive. Therefore, oil prices plummeted.
Technical tips
When WTI oil closed above $52.00, the 14-period RSI broke through the 70 mark, signaling the price entered the overbought zone. In addition, a bearish crossover happened – the MACD indicator started declining and crossed the signal line to the downside. As a result, WTI oil corrected down. If WTI oil dropped below Friday’s low of $51.00, the way down to the next support of $50.00 will be clear. On the flip side, the move above the resistance of $52.70 will push oil to the high of February 20 at $54.00.
To trade WTI with FBS, you need WTI-21G, which expires January 19.
Kseniya Medik
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