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WTI finds support around $36.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices remain on the defensive during the second half of the week, although the decline seems to have found decent support near the $36.00 mark.

    WTI gains capped around $39.00

    The recent rally of the West Texas Intermediate has run out of steam in the vicinity of the $39.00 handle, sparking the current leg lower and prompting prices to retreat for the second session in a row so far.

    The better tone in the greenback plus the uncertainty surrounding the potential meeting between OPEC and non-OPEC countries have been the recurrent themes around crude oil prices as of late, all against the backdrop of so far failed negotiations over an output freeze.

    WTI levels to consider

    At the moment the barrel of WTI is down 2.74% at $36.16 facing the next support at $35.91 (100-day sma) followed by $34.80 (20-day sma) and finally $32.29 (55-day sma). On the other hand, a breakout of $39.02 (2016 high Mar.11) would open the door to $40.00 (psychological handle) and finally $43.46 (high Nov.24 2015).
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