WTI keeps gains above $45.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Crude oil prices have recovered the smile today, trading with moderate gains above the $45.00 handle per barrel.

    WTI upside limited around $46.00

    The barrel of West Texas Intermediate has started on a positive mood, although the upside momentum seems to have run out of vigour in the $46.00 neighbourhood so far.

    Prices for the black gold are reverting three consecutive sessions of losses in spite of the firmer tone around the US dollar following the dovish stance from the ECB at its meeting today.

    The likeliness of further stimulus in the euro region has reignited hopes of a renewed demand in crude oil, which continues to sustain today’s upbeat tone.

    WTI levels to watch

    At the moment the barrel of West Texas Intermediate is up 0.55% at $45.55 facing the next support at $44.92 (55-day sma) followed by $43.37 (23.6% Fibo of $61.58-$37.75)) and then $43.21 (low Sep.2). On the upside, a break above $46.85 (38.2% Fibo of $62.58-$37.75) would target $48.40 (100-day sma) and then $49.60 (downtrend from $62.58).
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