WTI retakes $47.00 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Crude oil prices have managed to revert the initial negative start and they’re now advancing beyond the $47.00 mark per barrel.

    WTI shrugged off IEA’s warning

    Prices for the WTI keep its march north today, recovering from the earlier drop in response to the IEA’s report stating that the global supply glut could stay longer than previously estimated. In addition, poor trade balance figures from the Chinese economy have been weighing on sentiment since early trade, somehow capping the upside.

    Ahead in the week, traders will remain vigilant on the events in the Middle East, as well as the EIA weekly report on crude inventories and the US oil rig count from driller Baker Hughes on Friday.

    WTI levels to watch

    At the moment the barrel of West Texas Intermediate is up 0.91% at $47.53 facing the next resistance at $49.49 (100-day sma) ahead of $50.96 (200-day sma) and then $53.10 (61.8% Fibo of $62.58-$37.75). On the flip side, a break below $45.28 (uptrend from ytd lows Aug.24) would expose $44.68 (55-day sma) and finally $43.21 (low Sep.2).
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