Oil: WTI in negative but far from the lows

  • Oil prices fall on Tuesday, but rebound from daily lows.
  • WTI barrel recovers $85.00, loses 0.65%.
  • Wall Street futures positive.

Oil prices are falling on Tuesday, despite the rise in equity markets and the weakness of the dollar. In the preview of the opening of Wall Street they cut losses, moving away from the minimum in weeks reached hours ago.

The WTI barrel (trading platforms) fell as low as $84.00, the low since Oct 25, and then bounced higher above $85.00, erasing much of the loss. The economic outlook continues to weigh on expectations for future oil demand. In the US, the October reading of the producer price index will be known in minutes, which could have a broad impact on the markets. In the preview, Wall Street futures rise.

The technical outlook for oil remains negative in the very short term, although a return above $89.00 (trading platforms) would modify this scenario favoring a test of the October and November highs in the area of ​​$93.75. Going the other way, the next strong support can be seen at the October low at $81.00/$20.

technical levels

WTI US OIL

Panorama
Last Price Today 84.6
Today’s Daily Change 0.01
Today’s Daily Change % 0.01
Today’s Daily Open 84.59
Trends
20 Daily SMA 86.77
SMA of 50 Daily 85.46
SMA of 100 Daily 90.09
SMA of 200 Daily 97.41
levels
Previous Daily High 89.11
Minimum Previous Daily 84.58
Previous Weekly High 92.92
Previous Weekly Minimum 84.06
Maximum Prior Monthly 92.63
Minimum Prior Monthly 79.32
Daily Fibonacci 38.2% 86.31
Daily Fibonacci 61.8% 87.38
Daily Pivot Point S1 83.07
Daily Pivot Point S2 81.56
Daily Pivot Point S3 78.54
Daily Pivot Point R1 87.61
Daily Pivot Point R2 90.63
Daily Pivot Point R3 92.14

Source: Fx Street

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