Oil consolidates above $46.00 a barrel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Crude oil prices traded slightly lower this Monday, but West Texas Intermediate futures ended the day unchanged around $46.00 a barrel.

    Tepid Chinese manufacturing data weighed on the commodity, spurring fears that demand will
    shrink further in an oversupplied market.

    WTI technical view

    “Technically, the daily chart shows that the price remained most of the day below a bearish 20
    SMA, while the technical indicators have turned south below their mid-lines”, said Valeria
    Bednarik, chief analyst at FXStreet. “In the 4 hours chart, however, the price managed to hold
    above a bullish 20 SMA, whilst the technical indicators have posted tepid bounces from their
    mid-lines, but lack directional strength at the time being. Approaches to the 45.00 level have
    been attracting buying interest ever since breaking above it, which means a downward
    acceleration below the level is required to confirm additional declines for this Tuesday”.

    Bednarik locates next support levels at 45.90, 45.10 and 44.40, while she places resistances at 46.35, 47.00 and 47.70.
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