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WTI faces rejection near $ 52.50 ahead of EIA data

  • Risk-off action on European equities drags oil lower.
  • Will it retest 52.50 ahead of the EIA crude stockpiles data?

WTI (oil futures on NYMEX) stalled its two-day rebound near 52.50 levels and reversed sharply in the European session, as risk-off returned to the markets amid fresh signs of economic slowdown in Asia, US and Europe.

The black gold corrects the 3% rally seen a day before that was triggered by the increased expectations that OPEC-led supply cuts could outweigh global economic slowdown concerns.

However, the downside appears cushioned amid Chinese stimulus plans and a broadly US dollar weakness, as the focus now shifts towards the official US government crude inventories data due to be reported by the Energy Information Administration (EIA) later today at 1530 GMT.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 52.13
    Today Daily change: -14 pips
    Today Daily change %: -0.268%
    Today Daily Open: 52.27
Trends:
    Previous Daily SMA20: 48.24
    Previous Daily SMA50: 51.15
    Previous Daily SMA100: 60.19
    Previous Daily SMA200: 64.4
Levels:
    Previous Daily High: 52.56
    Previous Daily Low: 50.92
    Previous Weekly High: 53.57
    Previous Weekly Low: 48.33
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 51.93
    Previous Daily Fibonacci 61.8%: 51.55
    Previous Daily Pivot Point S1: 51.27
    Previous Daily Pivot Point S2: 50.28
    Previous Daily Pivot Point S3: 49.63
    Previous Daily Pivot Point R1: 52.91
    Previous Daily Pivot Point R2: 53.56
    Previous Daily Pivot Point R3: 54.55

 

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