USOIL shifts higher
Oil (USOIL) maintains its bullish stance as tensions in the Middle East escalate.
- A move above the major supply zone of 88.00 is a strong recovery signal with the ongoing shift in market mood.
- 90.00 is the next target as buyers attract more buyers.
- Exhaustion on the rally would see a retracement back towards the mid-$85 area, with 84.00 being a critical floor.
GBPUSD finds support
The pound attempts to bounce back after its choppy downturn over the past few weeks, finally finding some stability.
- 1.3520 is a critical support to prevent a dive below the 1.3500 level.
- Medium-term sentiment remains upbeat, and bulls may view any pullback as an opportunity.
- As a bullish divergence emerges on the RSI, 1.3600 is the next target.
- A break at the said support could cause a continuation lower, with 1.3450 being the next zone.
SPX 500 loses momentum
The S&P 500 falls away from another record as worries over energy prices drop global indices.
- The rally accelerated after opening the session with a gap as the 7700 level was broken.
- The index is on its way to 7500 if price action remains under the current support at 7640.
- As the RSI moves towards the oversold zone, traders could look to buy the dips if a bullish divergence emerges.
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