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WTI rallying above $28.00, 2-day highs

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices are posting gains for the first time after six consecutive sessions in red, retaking the $28.00 mark per barrel after sinking to the $26.20 area on Thursday.

    WTI up on cut rumours

    Prices for the West Texas Intermediate have recovered the smile today after rumours of a potential coordinated output cut have bolstered sentiment in early trade.

    However, omnipresent concerns over the ongoing supply glut have prompted sellers to step in, somewhat limiting the upside.

    WTI levels to consider

    At the moment the barrel of WTI is up 8.64 % at $28.48 facing the next resistance at $30.25 (20-day sma) followed by $33.60 (high Feb.4) and then $33.92 (55-day sma). On the other hand, a breach of $26.05 (low Feb.11) would expose $24.82 (monthly low Nov.2002) and finally $23.70 (montly low Apr.2000).
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