FXStreet (Córdoba) – Crude oil prices paused its latest losing streak, with West Texas Intermediate futures ending the day a few cents above $ 44.00 a barrel. The black gold rebounded after the EIA raised the WTI crude prices to $49.88 a barrel from a previous forecast of $49.53.
Nevertheless, crude prices remain vulnerable amid the ongoing oil supply glut and the renewed strength of the greenback, as expectations of a Fed’s lift-off in December grow.
WTI technical perspective
“The daily chart shows that the commodity has posted a lower low and a lower high, usually a sign of a continued decline. In the same chart, the price remains well below a bearish 20 SMA while the technical indicators head nowhere below their mid-lines, lacking momentum, but keeping the risk towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the commodity has met sellers on approaches to a bearish 20 SMA, whilst the Momentum indicator aims higher below its 100 level, but the RSI indicator has already returned south around 39, indicating the risk is also towards the downside in the shorter term”.
The analysts sees supports at 43.35, 42.50 and 41.90, while she places resistances at 44.70, 45.20 and 45.90.
(Market News Provided by FXstreet)