1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

WTI is still close to its lowest level since 2004

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 11, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
    Likes Received:
    CL FEB16 Daily 11-01-2016 07-04-21 ص.jpg
    CL FEB 16 rebound from last Wednesday low at $32.10 ended until now to reaching a new lower high at $34.30 to fall from for trading currently close to $32.50 unfazed of the falling of US EIA Oil stockpile of the week ending on Jan. 1 by 5.085, while the market was waiting for decreasing by only 0.5m.

    After last week bullish opening on rising tension between Iran and Saudi Arabia, CL FEB 16 spiked up to $38.37, before coming again under increasing selling pressure because of doubts about the Chinese economic activity and the weaker than expected US manufacturing performance by the end of last year which could dominate the market sentiment hurting the demand expectations for oil.

    CL FEB 16 daily RSI is referring to existence in its oversold area below 30 reading now 27.841 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the oversold region below 20 reading now 13.177 and also its signal line which is referring to 13.267.

    CL FEB 16 failed to keep a place above its daily SMA20 by falling again from $38.37, while it has been already under downside pressure over longer run by trading well below its daily SMA50, SMA100 and SMA200.

    Important levels: Daily SMA20 @ $36.07, Daily SMA50 @ $39.75, Daily SMA100 @ $42.57 and Daily SMA200 @ $48.64.


    S1: $32.10
    S2: $31.28
    S3: $30
    R1: $34.30
    R2: $36.35
    R3: $38.37

    Have a good day

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

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

    To open your account at Trade-24 - Click here

Share This Page