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WTI came under increasing downside pressure, after filling the week opening gap

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 20, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
    Likes Received:
    CL-FEB16 Hourly 20-01-2016 06-53-44 ص.jpg
    CL FEB 16 could fill the downside opening gap of this week by reaching $30.18 yesterday, before resuming its slide breaking last Monday low at $28.36 causing more stop buying orders triggering to reach $27.54 during today Asian session.

    The mixture daily parameters are still showing deep existence in the oversold area waiting for today release of US EIA Oil stockpile of the week ending on Jan. 15 which was hovering above 480m barrels in the recent 10 weeks.

    Over the hourly chart, CL FEB 16 RSI is referring also to existence in its oversold area below 30 reading now 27.396 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having its main line in the oversold region below 20 reading now 10.077 with its signal line which is referring to this same area reading 17.483.

    Important levels: Daily SMA20 @ $33.57, Daily SMA50 @ $37.45, Daily SMA100 @ $41.70 and Daily SMA200 @ $47.86.


    S1: $26.93
    S2: $25.25
    S3: $24.21
    R1: $30.18
    R2: $32.19
    R3: $34.30

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

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    prav likes this.

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