Oil: WTI tries to recover ground, remains vulnerable

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  • The weak economic outlook puts pressure on raw materials.
  • WTI barrel falls to lowest since January before rebounding.

Like equity markets, oil prices remain under pressure and facing a bearish trend. In the last hours they managed to rebound after having marked minimums since January.

The barrel of WTI (trading platforms) fell as low as $77.04, and then rallied closer to $80.00, moving into slightly positive territory for the day. The bounce is seen as a bullish correction.

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Just after breaking $85.20, where the 20 median is, a firmer recovery could be expected. The downtrend continues. Next support is at $77.60 and a strong barrier appears below at $73.30.

From a fundamental point of view, the declines come in the face of worsening growth expectations throughout the world, which would weaken oil demand. To this was added the tensions in the markets, aggravated on Monday by the fall of the pound sterling.

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Fears strengthen the dollar in addition to further clouding expectations for the future. All of the above is negative for the oil picture.

WTI US OIL

Overview
Today last price 79.27
Today Daily Change 0.07
Today Daily Change % 0.09
Today daily open 79.2
trends
Daily SMA20 86.16
Daily SMA50 90.18
Daily SMA100 99.27
Daily SMA200 96.45
levels
Previous Daily High 83.79
Previous Daily Low 78.01
Previous Weekly High 86.54
Previous Weekly Low 78.01
Previous Monthly High 97.68
Previous Monthly Low 85.39
Daily Fibonacci 38.2% 80.22
Daily Fibonacci 61.8% 81.59
Daily Pivot Point S1 76.88
Daily Pivot Point S2 74.55
Daily Pivot Point S3 71.1
Daily Pivot Point R1 82.66
Daily Pivot Point R2 86.12
Daily Pivot Point R3 88.44

Source: Fx Street

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