WTI looks to extend the recovery above $ 52, API data eyed
- Sees a tepid recovery amid risk-off markets, weaker US dollar.
- Focus on US-China trade talks and API fuel stocks for fresh moves.
WTI (oil futures on NYMEX) is trying hard to take on the recovery from weekly lows of 51.34 but managed to hold some gains amid broad US dollar weakness, despite the risk-aversion seen on the Asian indices.
The latest leg up can be mainly seen as a corrective move after the black gold fell around 3% on fears of supply growth and a global economic slowdown. Meanwhile, increased uncertainty over the US-China trade talks also kept markets unnerved, weighing negatively on the higher-yielding oil.
Attention now turns towards the US API crude stockpiles data due later at 2130 GMT for fresh insights on the US supply-side scenario, which will have a significant impact on the barrel of WTI.
WTI Technical Levels
WTI
Overview:
Today Last Price: 52.27
Today Daily change: 7 pips
Today Daily change %: 0.13%
Today Daily Open: 52.2
Trends:
Daily SMA20: 51.56
Daily SMA50: 50.58
Daily SMA100: 58.65
Daily SMA200: 63.67
Levels:
Previous Daily High: 53.73
Previous Daily Low: 51.43
Previous Weekly High: 54.51
Previous Weekly Low: 51.91
Previous Monthly High: 54.68
Previous Monthly Low: 42.45
Daily Fibonacci 38.2%: 52.31
Daily Fibonacci 61.8%: 52.85
Daily Pivot Point S1: 51.18
Daily Pivot Point S2: 50.15
Daily Pivot Point S3: 48.88
Daily Pivot Point R1: 53.48
Daily Pivot Point R2: 54.75
Daily Pivot Point R3: 55.78