WTI bounces off daily lows, back to $46.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - After a brief test of session lows in the $46.30/20 area, crude oil prices have regained the positive territory and are trading back around $46.60/65 per barrel.

    WTI firmer ahead of rig-count data

    Prices for the black gold remain on the defensive at the end of the week, looking to recover further ground after the sell-off from Monday’s tops around the critical $50.00 mark.

    In the meantime, bullish attempts appear limited by lingering concerns over the current supply glut and a renewed sentiment towards the greenback.

    In the data space, driller Baker Hughes will report on US oil rigs count later today.

    WTI levels to watch

    At the moment the barrel of West Texas Intermediate is up 0.54 % at $46.63 with the immediate support at $45.32 (uptrend from 2015 low) followed by $44.72 (55-day sma) and finally $43.61 (23.6% Fibo of $62.58-$37.75). On the upside, a surpass of $47.24 (38.2% Fibo of $62.58-$37.75) would target $49.07 (100-day sma) and then $50.92 (high Oct.9).
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