WTI Crude hit our short support target at $53 after API inventory showed a surprise buildup of 2.562 Mb vs. a previous drawdown of -5.821 Mb as ongoing lockdown restrictions continued to weigh on global demand. Technicals favor further downside in today’s session as long as 53.50 resistance level is respected, with an hourly close below $53 support level to have 200 period SMA and $52.60 as closest targets.
Support: 53/ 52.60
Resistance: 53.50 / 54
Risk Warning: 79% of retail CFD accounts lose money
This analysis is just part of a greater daily market report on 8+ of the hottest instruments and assets provided to all SquaredFinancial clients.
Disclaimer: This information is only for educational purposes and is not an investment recommendation. The information here has been created by SquaredFinancial. All examples and analysis used herein are of the personal opinions of SquaredFinancial. All examples and analysis are intended for these purposes and should not be considered as specific investment advice. The risk of loss in trading securities, options, futures, and forex can be substantial. Customers must consider all relevant risk factors including their own personal financial situation before trading.