27 Feb 2015
WTI Crude stuck at 50-DMA
FXStreet (Mumbai) - The gains in the WTI Crude futures are being capped at the 50-DMA located at USD 49.25/barrel, after having recovered from the low of USD 48.64/barrel seen earlier today.
WTI Crude: Supported by 50% Fibo level
Prices bounced from the support of the 50% Fib retracement of 43.56-54.20 located at USD 48.88 levels. The prices had declined from a high of USD 50.92 to hit a low of USD 47.80 in the previous session due to the concerns of supply glut and a strong US dollar. Moreover, gains are being capped since the supply in the US stands at more than three decade highs. However, oil managed to post modest gains today on account of slight weakness in the US dollar. It remains to be seen whether the gains are sustained into the weekly and monthly closing.
WTI Crude Technical Levels
The immediate resistance is seen at 49.25, above which gains could be extended to 50.16 levels. Meanwhile, support is seen at 48.88, under which losses could be extended to 47.80.
WTI Crude: Supported by 50% Fibo level
Prices bounced from the support of the 50% Fib retracement of 43.56-54.20 located at USD 48.88 levels. The prices had declined from a high of USD 50.92 to hit a low of USD 47.80 in the previous session due to the concerns of supply glut and a strong US dollar. Moreover, gains are being capped since the supply in the US stands at more than three decade highs. However, oil managed to post modest gains today on account of slight weakness in the US dollar. It remains to be seen whether the gains are sustained into the weekly and monthly closing.
WTI Crude Technical Levels
The immediate resistance is seen at 49.25, above which gains could be extended to 50.16 levels. Meanwhile, support is seen at 48.88, under which losses could be extended to 47.80.