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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
 Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

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Oil drops sharply on news of US release of oil reserves, wheat stabilises

WTI resumes its descent as President Biden mentions possibility of another big release of oil reserves, while the price of Chicago wheat levels out.

Source: Bloomberg
Written by: Axel Rudolph FSTA | Senior Technical Analyst, London
Publication date:

​WTI drops as Biden mulls another big release of strategic oil reserves

WTI has resumed its descent towards the December-to-March uptrend line at $97.75 as US president, Joe Biden hints at another major release of strategic oil reserves to help combat rampant inflation ahead of today’s OPEC+ meeting.

The psychological $100 mark is back in the frame with the price of oil having so far dropped by over 5% since yesterday.

Below the four-month uptrend line at $97.75 meanders the 55-day simple moving average (SMA) at $96.52 and the mid-March trough at $92.45.

Only a currently unexpected bullish reversal and rise above yesterday’s $107.98 high would negate the negative outlook.

Source: ProRealTime

Chicago wheat price stabilises as traders mull Ukraine situation

Chicago wheat is trying to break through its one-month downtrend line at $10.30 as investors assess the impact of the Russian invasion of Ukraine on global wheat supplies.

The soft commodity is currently seeing a bounce from this week’s $9.70 low but remains technically under pressure as long as the recent highs at $11.54 to $11.56 cap the upside.

Below the $9.70 low the 55-day moving average can be spotted at $9.22, below which lies Chicago wheat’s pre-invasion levels of around $7.90 where the 200-day simple moving average (SMA) can be seen.

Source: ProRealTime

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. 

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