- WTI is now developing a bearish bias on the short-term charts, consolidating at the 38.2% Fibo but menacing to the bulls while fragile on the trend line support.
- WTI is currently trading at 56.16, between a range of 55.48 and 56.38.
WTI has been struggling to maintain its form of late, sliding as trade war angst drags on and supply side headlines dominate the commodity market. For instance, the Energy Information Administration has reported that U.S. crude supplies climbed by 7.1 million barrels for the week ended March 1, denting the price of oil further as traders noted that the average climb of 1.9 million barrels expected was exceeded although slightly lower than the 7.3 million barrel increase reported by the American Petroleum Institute a day earlier. On that data, the April West Texas Intermediate crude contract dipped down a few cents, down 88 cents on the day, or by 1.6%, at $55.68bbls.
Elsewhere, the dollar remains better bid while testing the vicinity of the 97 handle, moving in a range of 96.78 and 96.99 and holding above horizontal support at 96.62, (H&S neckline). While trade war angst lives on coupled with global growth concerns dampening the outlook for demand, the price of the dollar can survive the neutral/dovish Fed sentiment while the U.S. economy holds up.
WTI levels
The price has dipped below the trend line support est.11th Feb. down in the 51 handle. The downside targets below the 38.2% Fibo and recent lows that are located around 55.60/10 are set at the 23.6% Fibo at 50.54. On the flip side, the bulls have eyes on a target of the recent tops of 57.85/93 double-tops.
Share
