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WTI is still oversold over daily basis

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 13, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

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    CL-FEB16 Daily 13-01-2016 06-54-51 ص.jpg
    CL FEB 16 could rebound for trading now close to $31 from yesterday new recorded 12 years low at $29.93 but this rebound could not even drive it out of the parameters oversold area to the neutral area.

    CL FEB 16 daily RSI is still referring to existence in its oversold area below 30 reading now 26.791 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 11.529 with its signal line which is referring to this same area reading 10.699.

    While the market is waiting now for US EIA Oil stockpile of the week ending on Jan. 8, after falling of US EIA Oil stockpile of the week ending on Jan. 1 by 5.085 could not deliver helping hand to the oil prices which shrugged off also the rising tension between Iran and Saudi Arabia which led to forming merely lower high at $38.37 to fall again below its daily SMA20 on doubts about the Chinese economic activity and weaker than expected US manufacturing performance by the end of last year.


    Important levels: Daily SMA20 @ $35.43, Daily SMA50 @ $39.11, Daily SMA100 @ $42.39 and Daily SMA200 @ $48.44.

    S&R:

    S1: $29.93
    S2: $29.66
    S3: $48.47
    R1: $32.19
    R2: $34.30
    R3: $36.35


    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
    Archive:
    http://www.trade-24.com/daily-analysis

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    prav likes this.
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