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Oil snaps 3-day winning streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices retreated from fresh yearly highs, after the US Energy Information Administration reported a 6.6 million-barrel climb in crude-oil stockpiles for the week ended April 8th. Late Tuesday, the American Petroleum Institute reported a 6.2 million-barrel increase, well above market's estimate of a 1.9 million barrels increase in crude inventories.

    West Texas Intermediate crude oil futures rallied up to $42.39 before settling around $41.76, 1% down on the day and snapping a 3-day winning streak.

    WTI technical view

    “The commodity remains well above its moving averages, while the technical indicators have lost upward strength, but hold within positive territory, limiting chances of a downward move”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA maintains a strong bullish slope below the current level, offering an immediate support at 40.80 whilst the technical indicators retreated partially from overbought readings.”

    Support levels: 41.25 40.80 40.20. Resistance levels: 42.30 42.90 43.60.
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