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WTI Oil offered at 50% retracement, now trades in the red

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The West Texas Intermediate (WTI) December futures ran into offers closer to USD 50.165 (50% R of May to Aug plunge) to trade with moderate losses in the NY session.

    Hovers above key support

    At USD 49.40, prices are just a few cents above a strong support on the daily chart located at USD 49.32. Prices had received a minor boost after the OPEC, via its monthly report, revised its 2015 global demand forecast lower and 2016 forecast higher.

    However, prices failed to take out key Fib resistance mentioned above at USD 50.165. Meanwhile, losses are being capped by the moderate weakness in the USD index.

    WTI Oil Technical Levels

    The immediate support is seen at 49.32 (Aug 31 high), under which the prices could drop to 47.78 (Sep 17 high). On the other side, resistance is seen at 50.165 (50% of May to Aug plunge) and 50.93 (previous day’s high).
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