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WTI losing altitude, drops below $39.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The barrel of West Texas Intermediate has retreated from overnight tops just above the critical $40.00 mark and is now challenging the $39.00 handle.

    WTI lower despite USD weakness

    Crude oil prices are failing to extend the recent rally, coming back to sub-$40.00 levels despite the offered tone is gathering traction around the US dollar and amidst thin trade due to the Easter Monday holiday.

    Hopes of an output freeze by major oil players at the meeting in April plus declining oil production in the US have been bolstering the recent upside, although prices could not sustain gains further north of the $40.00 mark today.

    WTI levels to consider

    At the moment the barrel of WTI is losing 1.27% at $38.96 facing the immediate support at $37.98 (20-day sma) ahead of $35.85 (61.8% Fibo of $26.05-$41.90) and then $35.44 (100-day sma). On the other hand, a breakout of $40.12 (high Mar.28) would open the door to $41.27 (200-day sma) and finally 41.90 (2016 high Mar.22).
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