WTI wobbles around $42.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Crude oil prices are shedding part of the recent advance on Wednesday, currently trading above the $42.00 handle per barrel.

    WTI lower on USD-strength

    The re-emergence of the demand for the greenback is hurting the USD-denominated assets today, although the barrel of the West Texas Intermediate has somewhat managed to rebound from the $41.70 area, close to the 200-hour sma.

    Auspicious results from the US docket today have lent extra legs to the greenback, while the EIA has reported that crude inventories increased by more than 950K barrels during last week, both issues limiting potential gains.

    WTI levels to watch

    At the moment the barrel of WTI is losing 1.12% at $42.42 and a surpass of $44.32 (50.0% Fibo of $37.75-$50.90) would expose $45.15 (100-day sma) and finally $45.90 (downtrend from $50.92). On the other hand, the initial support lines up at $40.85 (23.6% Fibo of $37.75-$50.90) ahead of $38.99 (low Nov.23) and then $37.75 (2015 low Aug.24).
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