Oil WTI (USOIL) finding support
Oil WTI found some support after the recent bearish rally, which saw almost $10 wiped off its value. A series of lower lows was a sign of mounting selling pressure, and each dip had been an opportunity for trend followers to jump in. However, they found a bounce at 71.50, and a move above 73.00 has shifted sentiment to the upside. 75.00 is the next target as the RSI bounces away from the oversold territory, and 76.80 is a second layer to begin the recovery.
USDJPY consolidates gains
The US dollar stopped the freefall after the Yem fell into consolidation. A move above 146.00 has forced short-term sellers to cover, easing the bearish pressure. Bulls will need to consolidate their holding before they can push above 146.60 and towards the early August high at 154.00. 144.00 is the closest support, and further down 142.30 at the recent bottom is a crucial level to keep the recovery momentum intact.
UK 100 grinding higher
The FTSE continued its progressive behaviour after sinking below 8000 at the beginning of the month. A break above the cluster of levels around 8230 has triggered a boost of short-term long positions, sending the price above 8300. The RSI’s neutral condition could attract more buying interest as the index grinds the critical demand zone. 8370 is the first hurdle to lift before the rally can resume.