WTI fades a bounce to $ 52.70, focus on US rigs data
- Upside capped amid notable USD demand, supply glut worries and China slowdown fears.
- Attention turns towards the US retail sales report and rigs count data for fresh direction.
The recovery attempts in WTI (oil futures on NYMEX) failed once again near 52.70 levels, sending the rates back below the midpoint of the 52 handle, as the bears fight back control amid unabated broad US dollar demand and looming China slowdown concerns.
The greenback extends its move higher versus its main competitors, reaching fresh monthly tops near 97.60 levels, as sentiment sours across the European markets following dismal Euro area flash manufacturing PMI readings. Downbeat PMI reports from the Euroland added to global growth concerns, especially after China reported a sharp drop in its retail sales and industrial figures. Note that China is the world’s No.2 oil consumer.
Moreover, mounting oversupply concerns coupled with doubts whether the OPEC output cuts would be able to stabilize the oil markets continue to remain a drag on the prices. Meanwhile, the focus now shifts towards the US drilling sector activity report that will be published by Bakers and Hughes oilfield Services Company for further trading impetus.
WTI Technical Levels
Today Last Price: 52.1
Today Daily change: 8.0 pips
Today Daily change %: 0.154%
Today Daily Open: 52.02
Previous Daily SMA20: 52.32
Previous Daily SMA50: 59.36
Previous Daily SMA100: 64.89
Previous Daily SMA200: 66.91
Previous Daily High: 52.06
Previous Daily Low: 51.89
Previous Weekly High: 54.2
Previous Weekly Low: 50.57
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 52
Previous Daily Fibonacci 61.8%: 51.95
Previous Daily Pivot Point S1: 51.92
Previous Daily Pivot Point S2: 51.82
Previous Daily Pivot Point S3: 51.75
Previous Daily Pivot Point R1: 52.09
Previous Daily Pivot Point R2: 52.16
Previous Daily Pivot Point R3: 52.26