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WTI is still boosted by the permission of exporting the US crude oil

Discussion in 'Current Market Sentiments' started by fx-recommends, Dec 24, 2015.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    CL-FEB16 Daily 24-12-2015 06-58-03 ص.jpg

    After CL FEB 16 forming a bottom at $35.16 on Dec. 11, it came last Monday to form another bottom at $35.34 to have a double bottom formation its second bottom is higher than its first one.

    CL FEB 16 rebound could be extended to $37.91 to continue to be exposed to forming a new lower high below $39.12 whereas it formed its previous lower high, before plunging again to form second leg to $35.34 on the Fed's step to raise its fund rate by 0.25% which should lower the accommodative stance of the Fed and also lower the demand for oil, while the Oil as any other commodity does not provide yields to its buyers.

    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 close to the overbought area above 80 reading 71.600 above its signal line which is reading now 44.736.

    CL FEB 16 rebound could fix some of its oversold stance over the short term but it is still below its daily SMA20, SMA50, SMA100 and SMA200.

    Important levels: Daily SMA20 @ $38.16, Daily SMA50 @ $41.77, Daily SMA100 @ $43.30 and Daily SMA200 @ $49.28


    S1: $35.16
    S2: $33.54
    S3: $33.22
    R1: $39.12
    R2: $41.98
    R3: $43.45

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

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

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