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WTI retakes $41.00 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices have left the area of session lows and are now advancing above the $41.00 handle per barrel.

    WTI remains vulnerable

    The barrel of West Texas Intermediate is posting weekly gains for the first time after two consecutive pullbacks, although a change in the underlying bearish trend remains far away.

    Concerns over the current supply glut plus USD strength continues to plot against any sustainable bullish attempt in crude prices, while the upcoming OPEC meeting in early December appears unlikely to relieve the situation.

    WTI levels to watch

    At the moment the barrel of WTI is up 1.01% at $41.08 and a surpass of $42.77 (38.2% Fibo of $37.75-%50.90) would expose $45.31 (55-day sma) and finally $46.56 (downtrend from $50.92). On the other hand, the next support lies at $40.00 (psychological level) and then $37.75 (2015 low Aug.24).
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