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WTI off highs, back to sub-$32.00 levels

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The barrel of West Texas Intermediate is now giving away part of the earlier spike to session tops above the $32.00 handle, easing to the $31.70/80 area.

    WTI bounces off $30.00

    Crude oil prices have managed to come back to life after nearing the $30.00 handle in early trade, although the recovery attempt has failed just above the $32.00 mark. Today’s performance however seems to be enough so far to snap a negative 5-session streak.

    A re-emergence of the buying interest around the dollar is keeping oil-bulls at bay today, adding to the omnipresent concerns over the Chinese economy and the ongoing supply glut.

    WTI levels to watch

    At the moment the barrel of WTI is up 1.40% at $31.79 and a breakdown of $30.00 (psychological level) would aim for $29.66 (monthly low Dec.2003) and finally $28.47 (monthly low Nov.2003). On the other hand, the next resistance aligns at $38.39 (high Jan.4) followed by $39.71 (55-day sma) and then $41.51 (downtrend from $50.92).
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