Search ForexCrunch
  • Remains vulnerable mounting supply glut and global growth concerns.
  • Sell the rallies, as technical set up still remains bearish.

WTI (oil futures on NYMEX) is seen consolidating the bounce above the 51 handle, as the bulls lack vigor amid looming concerns over surging global supply and a slowdown in demand growth, which is expected to result in an oil supply overhang by next year.  

WTI recovered almost 2% this Monday, having reversed a part of Friday’s 8% slump following a broader markets sell-off amid mounting global economic growth concerns. However, markets see the relief rally as a dead cat bounce, as they are prepared for further price declines.  

Further, the investors also remain wary amid ongoing US-China trade spat, as they brace for the Trump-Xi meeting due later this week for a fresh take on oil prices. Analysts at JP Morgan noted: “The U.S.-China trade conflict poses a downside risk as we forecast the US to impose 25 percent tariffs on all China imports by Q1 2019.”

In the meantime, the barrel of WTI will continue to get influenced by the risk trends while the US weekly crude stocks data will also offer near-term trading opportunities for the oil traders.

WTI Technical Levels

WTI

Overview:
       Today Last Price:  51.06
       Today Daily change:  51  pips
       Today Daily change %:  1.01%
       Today Daily Open:  50.55
Trends:
       Previous Daily SMA20:  57.74
       Previous Daily SMA50:  65.5
       Previous Daily SMA100:  67.09
       Previous Daily SMA200:  67.92
Levels:
       Previous Daily High:  51.04
       Previous Daily Low:  50.08
       Previous Weekly High:  57.42
       Previous Weekly Low:  50.13
       Previous Monthly High:  76.25
       Previous Monthly Low:  64.86
       Previous Daily Fibonacci 38.2%:  50.45
       Previous Daily Fibonacci 61.8%:  50.67
       Previous Daily Pivot Point S1:  50.07
       Previous Daily Pivot Point S2:  49.6
       Previous Daily Pivot Point S3:  49.11
       Previous Daily Pivot Point R1:  51.03
       Previous Daily Pivot Point R2:  51.52
       Previous Daily Pivot Point R3:  51.99