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WTI recovers ahead of New Year, climbs above $46

  • WTI tries to take back Friday's losses.
  • Remains on track to close the third week in a row with losses.

Following the recovery witnessed in the second half of the previous week, the barrel of West Texas Intermediate lost only around 40 cents for the week and started the last day of 2018 in a relatively calm manner. After moving sideways in a tight range a little above the $45 mark, the WTI gained traction in the last hours and rose above $46. As of writing, WTI was trading at $46.05, adding nearly 2% on the day.

Despite this recovery, however, the bearish picture for crude oil remains intact as today's move is seen as a technical correction fueled by the year-end flows rather than new fundamental developments that could ease concerns over the potential negative impact of dismal demand outlook and record production levels on the oil market. Later this week, on Thursday and Friday, investors will be paying close attention to weekly API and EIA stock reports.

Key technical levels

WTI

Overview:
    Today Last Price: 46.16
    Today Daily change: 71 pips
    Today Daily change %: 1.56%
    Today Daily Open: 45.45
Trends:
    Previous Daily SMA20: 49.43
    Previous Daily SMA50: 54.27
    Previous Daily SMA100: 62.47
    Previous Daily SMA200: 65.66
Levels:
    Previous Daily High: 46.33
    Previous Daily Low: 44.54
    Previous Weekly High: 47.09
    Previous Weekly Low: 42.45
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 45.22
    Previous Daily Fibonacci 61.8%: 45.65
    Previous Daily Pivot Point S1: 44.55
    Previous Daily Pivot Point S2: 43.65
    Previous Daily Pivot Point S3: 42.76
    Previous Daily Pivot Point R1: 46.34
    Previous Daily Pivot Point R2: 47.23
    Previous Daily Pivot Point R3: 48.13

 

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