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WTI oil rejected at hourly 100-MA, trims gains

FXStreet (Mumbai) - Oil prices in the US failed to rise above its hourly 100-MA at USD 47.20/barrel, before falling back to trade around USD 46.65/barrel.

Weekly loss on cards

The futures appear poised to suffer weekly loss despite broad based USD weakness on account of renewed signs of global oil supply glut. On the daily charts, a bearish crossover between 5-DMA and 10-DMA is seen.

However, prices have managed to recover off lows on account of the bullish 5-DMA and 10-DMA crossover seen on the weekly charts. Heading into the weekend, oil may stay on a back foot as the USD continues to recover on account of profit taking on the shorts.

WTI Oil Technical Levels

At 46.65, the immediate resistance is seen at 46.75 (5-DMA), followed by a hurdle at 47.58 (10-DMA). On the other side, a break below 46.38 (daily low) could trigger a quick drop to 45.94 (Wednesday’s low).

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