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WTI rallies above $31.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices are recovering the smile today, trading on a better mood and extending the bounce off session lows in the $30.60 area per barrel.

    WTI stronger despite USD-buying

    Auspicious results from the Chinese trade balance during December have somewhat alleviated fears of a slowdown in the economy, boosting commodities and the rest of the riskier assets.

    The barrel of West Texas Intermediate has managed to retake the $31.00 mark in spite of the current environment favouring the greenback, albeit it has lost some upside momentum in the $31.50/55 band.

    WTI levels to watch

    At the moment the barrel of WTI is up 3.15 % at $31.43 facing the next hurdle at $35.20 (20-day sma) ahead of $38.39 (high Jan.4) and then $40.95 (downtrend from $50.92). On the flip side, a breach of $29.93 (low Jan.12) would aim for $29.66 (monthly low Dec.2003) and finally $28.47 (monthly low Nov.2003).
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