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WTI advances further, on its way to $34.00?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Prices for the barrel of West Texas Intermediate remains on the rise today, currently testing multi-day peaks in the $33.80 region.

    WTI firm above $33.00

    Prices for the black gold are extending the rebound from recent multi-year lows in the $26.00 neighbourhood posted over a week ago. A fresh wave of risk appetite is allowing a continuation of last week’s recovery, sustaining the upside momentum and pushing prices to levels last seen in early February near the $34.00 mark.

    In addition, Paris-based IEA has argued that global oil market could start rebalancing next year. The agency also sees US oil production declining by that time, while it could reach historical peaks around 2021.

    WTI levels to consider

    At the moment the barrel of WTI is up 6.05% at $33.66 facing the next hurdle at $34.82 (high Jan.28) ahead of $35.48 (76.4% Fibo of $38.39-$26.05$) and finally 37.61 (100-day sma). On the other hand, a break below $30.46 (20-day sma) would open the door to $28.70 (low Feb.16) and then $26.05 (low Feb.11).
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