WTI reversing a dip below $ 46, still down over 3%
- Sold-off into stock markets tumble and looming oversupply concerns.
- Looks vulnerable below 45.80 level, bears keep their eyes on 45.00.
WTI (oil futures on NYMEX) is seen trying hard to take on the recovery above the 47 handle, but in vain, as the sellers continue to remain in control amid heavy losses in the European equity markets and persisting supply overhang worries.
The global stock markets got hammered on Thursday after the Fed hiked the interest rates by 25 bps, as expected, but kept most of its guidance for additional hikes over the next two years, squashing expectations of a more dovish policy outlook.
However, the downside in the black gold appears cushioned for now, as the US dollar bleeds across the board amid the US yield-curve inversion that implies that the US economic recovery is in the doldrums. The USD index slips 0.80% to 4-week lows of 96.28.
Looking ahead, the broader market sentiment will continue to have a significant impact on the barrel of WTI, as volumes begin to slow ahead of the Chrismas holiday break.
WTI Technical Levels
Today Last Price: 46.64
Today Daily change: -81 pips
Today Daily change %: -1.71%
Today Daily Open: 47.45
Previous Daily SMA20: 51.26
Previous Daily SMA50: 56.92
Previous Daily SMA100: 63.9
Previous Daily SMA200: 66.36
Previous Daily High: 48.39
Previous Daily Low: 46.36
Previous Weekly High: 53.48
Previous Weekly Low: 50.57
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 47.61
Previous Daily Fibonacci 61.8%: 47.14
Previous Daily Pivot Point S1: 46.41
Previous Daily Pivot Point S2: 45.37
Previous Daily Pivot Point S3: 44.38
Previous Daily Pivot Point R1: 48.44
Previous Daily Pivot Point R2: 49.43
Previous Daily Pivot Point R3: 50.47