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WTI regains $30.00 and above

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Crude oil prices have managed to retake the $30.00 mark at the beginning of the week, bouncing off session lows near $29.60.

    WTI lower on risk-aversion

    The barrel of the West Texas Intermediate is retreating for the third session in a row today, extending the leg lower after the rejection from the $34.00 area posted last week.

    Increasing risk aversion and a continuation of the USD upside momentum have been weighing on USD-denominated assets throughout the session, along with a softer tone in equities and commodities in general.

    WTI levels to consider

    At the moment the barrel of WTI is down 1.52% at $30.46 facing the next support at $29.25 (low Jan.26) followed by $27.87 (low Jan.21) and then $26.19 (low Jan.20). On the other hand, a surpass of $34.82 (high Jan.28) would expose $38.29 (downtrend from $50.92) and finally $39.37 (100-day sma).
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