Crude steadying after surge upwards, WTI balancing above $45.00
- Oil prices see a momentary surge as risk appetite recovers.
- Crude still remains firmly planted in bearish territory, and OPEC's response to US overproduction isn't expected to show an impact in data for some time.
Crude markets saw a rebound yesterday, with WTI prices climbing sharply to peak near 46.80 after recovering from an 18-month low of 42.14 as investors begin climbing back into riskier assets following the early week's fearful plunge.
The January date for OPEC+ to trigger production limits hopes of drawing down current supplies by 1.2 million barrels per day, and energies traders could be seeing some early bidding despite overall markets remaining sceptical that moves by the oil cartel will have a meaningful effect on global oil supplies as the US continues to pump barrels out at breakneck speeds, setting production records steadily through 2018.
With OPEC's production clamp-down set to see trepidation from oil markets until an effect is seen, crude markets can be expected to continue whipping on broader investor sentiment, and oil bulls will be hoping that the current recovery will be able to keep the wheels on and see a sustaining drive in the near-term, though Wednesday's bullish push above 45.00 sees crude barrels still deeply in bearish territory with WTI closing in the red for nearly 11 weeks straight.
WTI Technical Levels
Today Last Price: 46.18
Today Daily change: -53 pips
Today Daily change %: -1.13%
Today Daily Open: 46.71
Previous Daily SMA20: 50.03
Previous Daily SMA50: 55.16
Previous Daily SMA100: 62.96
Previous Daily SMA200: 65.9
Previous Daily High: 47.09
Previous Daily Low: 42.63
Previous Weekly High: 52.16
Previous Weekly Low: 45.19
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 45.39
Previous Daily Fibonacci 61.8%: 44.33
Previous Daily Pivot Point S1: 43.86
Previous Daily Pivot Point S2: 41.02
Previous Daily Pivot Point S3: 39.4
Previous Daily Pivot Point R1: 48.32
Previous Daily Pivot Point R2: 49.94
Previous Daily Pivot Point R3: 52.78