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WTI could be balanced of the short term but depressed over the longer range

Discussion in 'Current Market Sentiments' started by fx-recommends, Dec 31, 2015.

  1. fx-recommends

    fx-recommends Content Contributor

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    CL-FEB16 daily 31-12-2015 06-52-23 ص.jpg

    US EIA Oil stockpile of the week ending on Dec.25 rising by 2.629m to 487.409m could form downside pressure on CL FEB 16 to keep trading below its daily SMA20.

    CL FEB 16 is depressed now by forming another lower high at $38.26 below $39.12, after bouncing up from $35.34 low of Dec. 21 which came above its formed low at $35.16 on Dec. 11.

    So, its limited rebound could make the mixture in balance over the short term but it is still depressed over longer range by being below its daily SMA20, SMA50, SMA100 and SMA200

    After yesterday slide, CL FEB 16 daily Stochastic Oscillator (5, 3, 3) which is sensitive to the volatility is having now its main line in the neutral region but in a closer place to the oversold area below 20 reading now 37.306 and also its signal which is in the neutral area but in a higher place reading 50.553, after topping below the overbought area by retreating from $38.26.


    Important levels: Daily SMA20 @ $37.29, Daily SMA50 @ $41.01, Daily SMA100 @ $43.02 and Daily SMA200 @ $49.09.

    S&R:

    S1: $35.16
    S2: $33.54
    S3: $33.22
    R1: $38.26
    R2: $39.12
    R3: $41.98


    Have a good day

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

    walid.s@trade-24.com
    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143
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    http://www.trade-24.com/daily-analysis

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