By Chris Becker
Friday night’s session was flat for most risk markets as the nadir in the monthly data cycle passed and eyes were on the (embarassing for the Aussies) G20 meeting. Funnily enough, energy commodities rallied with both oil markers (WTI and Brent) up over 2%:
That’s a pretty good long swing on the four hourly for WTI, but as you can see on the chart it has not breached resistance just below $76USD per barrel, the former support level from last week. Oil still remains in a firm downtrend but the technicals are pointing to a bounce here – possibly minor up to $79 per barrel – unless some major macro forces change soon.