- Crude oil prices tumble amid an increase in US rigs and risk aversion.
- WTI barrel breaks under $52.00.
WTI (oil futures on NYMEX) are falling sharply on Monday, losing almost 4%, having the worst performance since the beginning of the year. The increase in rigs, a stronger US dollar and the lack of advance on US-China trade talks favored the downside in crude oil prices on Monday.
The move lower represents a continuation of the correction from the highest level in almost two months. From December 23 to January 21 gained more than 20%. The rally found resistance at $54.50 and retreat. Last week, the move lower found support at $52.00 but today, broke below and extended losses.
As of writing trades at 1-week lows, at $51.75 still under pressure. In Wall Street, the Dow Jones is down 1.35% and the Nasdaq 1.4%. In Europe, major stock indexes are about to end lower with losses around 0.80% on average. The US Dollar Index (DXY) is flat around 95.70, but the greenback is higher versus commodity and emerging market currencies.
WTI Levels
Overview:
Today Daily change %: -3.24%
Today Daily Open: 53.74
Trends:
Daily SMA20: 51.24
Daily SMA50: 50.63
Daily SMA100: 58.85
Daily SMA200: 63.75
Levels:
Previous Daily High: 54.01
Previous Daily Low: 52.99
Previous Weekly High: 54.51
Previous Weekly Low: 51.91
Previous Monthly High: 54.68
Previous Monthly Low: 42.45
Daily Fibonacci 38.2%: 53.62
Daily Fibonacci 61.8%: 53.38
Daily Pivot Point S1: 53.15
Daily Pivot Point S2: 52.56
Daily Pivot Point S3: 52.13
Daily Pivot Point R1: 54.17
Daily Pivot Point R2: 54.6
Daily Pivot Point R3: 55.19