6 May 2016
WTI retakes $44.00, still in red
The barrel of West Texas Intermediate is reverting yesterday’s gains, trading on the defensive in the low-$44.00s.
WTI supported at $43.50
A broad-based profit taking sentiment plus the renewed demand for the US dollar continues to weigh on crude oil prices at the end of the week, although the daily pullback seems to have found decent support in the mid-$43.00s for the time being.
In the meantime, traders seem to bypass the oil-supportive news coming from western Canada, where wildfires continue to disrupt oil sands output.
On the data front, US Non-farm Payrolls have come in short of expectations at 160k for the month of April, triggering a short-lived knee-jerk in the greenback.
WTI levels to consider
At the moment the barrel of WTI is losing 0.36% at $44.16 with the initial support at $43.06 (20-day sma) followed by $41.91 (76.4% Fibo of $26.05-$46.78) and finally $39.71 (200-day sma). On the flip side, a breakout of $46.78 (2016 high Apr.29) would open the door to $48.36 (high Nov.3 2015).
WTI supported at $43.50
A broad-based profit taking sentiment plus the renewed demand for the US dollar continues to weigh on crude oil prices at the end of the week, although the daily pullback seems to have found decent support in the mid-$43.00s for the time being.
In the meantime, traders seem to bypass the oil-supportive news coming from western Canada, where wildfires continue to disrupt oil sands output.
On the data front, US Non-farm Payrolls have come in short of expectations at 160k for the month of April, triggering a short-lived knee-jerk in the greenback.
WTI levels to consider
At the moment the barrel of WTI is losing 0.36% at $44.16 with the initial support at $43.06 (20-day sma) followed by $41.91 (76.4% Fibo of $26.05-$46.78) and finally $39.71 (200-day sma). On the flip side, a breakout of $46.78 (2016 high Apr.29) would open the door to $48.36 (high Nov.3 2015).