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USOIL Bullish Scalp In View
Welcome to mid-week trade! Following the massive action of the Tuesday session, US markets moved largely sideways. At the close, the DJIA (+0.49%), S&P 500 (+0.78%), and NASDAQ (+1.50%) finished modestly in the green. Metals traded higher, paced by a 1.84% rally in silver. Oil was the real story. Both WTI and BRENT entered intraday consolidation phases. Don’t worry; the next big oil move is right around the corner! Here is a level to watch in the WTI (USOIL) market:
Daily 38% Fibonacci Retracement, 72.49
WTI rotated around the 75.00 handle for a majority of the Wednesday session. If it breaks to the bear, this support level has a great shot of coming into play. Check out our Key Levels for more information on this Trade Idea.
Not much is on tap for the Thursday economic calendar. Initial Jobless Claims is the lone headliner. We’ll have coverage of this event live on our Switch Markets YouTube channel at 1:30 GMT. For the fourth consecutive day, the US/Israel/Iran War will be the premier market driver. Any surprise developments regarding this story are sure to drive participation across all asset classes. Stay vigilant with your Iran news feed, it’s sure to be Thursday’s #1 market driver.
That’s all for now; see you on tomorrow’s live streams! (1:30 and 16:00 GMT, Switch Markets YouTube).
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