Daily Market Report
In addition, WTI crude rally stalled on Wednesday as we approached the $80.00 psychological barrier. From a technical standpoint, the WTI crude short-term trend remains positive, and prices are likely to extend higher toward the 81.15 resistance level in the coming days, however, we might see some profit-taking due to prices currently trading at overbought levels. Moreover, the recent break above the consolidation triangle as per the chart below is supporting the positive momentum and can lead to a continuation higher, therefore, any decline is expected to be temporary as long as prices continue to trade above the 74.60 low.
On the flip side, a corrective move lower can lead to a retest of the 77.25 followed by the 76.40 levels before another rally begins.
Looking at other important economic releases for today, the U.S. GDP quarterly figures are expected to fall from 2.00% to 1.8%, in the meantime, durable goods are due to decline from 1.8% to 1.3%. Conversely, forecasts are pointing to a potential rise in unemployment claims from 228K to 234K.
Finally, all eyes will be on the Bank of Japan monetary policy meeting which is expected to leave interest rates unchanged at -0.10% during the upcoming Asian trading session.