Oil recovering after broad-market risk run, WTI ticking into $46.00

Energies markets do their best to shrug off early Thursday risk flight.
Crude traders keeping barrels bid to familiar levels, but Wednesday's peaks still hang above.

Joshua Gibson FXStreet

Crude oil prices dipped to familiar lows as global markets shook out on volatile currency and stock moves thanks to fresh warnings of an economic slowdown in 2019.

Apple Inc slashed their first-quarter growth expectations, blaming the lagging forecasts on China's continuing growth crunch, which sparked a broader risk run across the board as investors panicked in illiquid off-market action, piling into safe havens. Crude oil also saw knock-on dips in early Thursday trading, though barrels have faded the play and are trading back into the upside, with WTI testing back into 46.00/barrel, though Wednesday's high of 47.75 still a ways off.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 46.19
    Today Daily change: -29 pips
    Today Daily change %: -0.624%
    Today Daily Open: 46.48
Trends:
    Previous Daily SMA20: 48.76
    Previous Daily SMA50: 53.46
    Previous Daily SMA100: 62
    Previous Daily SMA200: 65.42
Levels:
    Previous Daily High: 47.94
    Previous Daily Low: 44.52
    Previous Weekly High: 47.09
    Previous Weekly Low: 42.45
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 46.63
    Previous Daily Fibonacci 61.8%: 45.83
    Previous Daily Pivot Point S1: 44.69
    Previous Daily Pivot Point S2: 42.89
    Previous Daily Pivot Point S3: 41.27
    Previous Daily Pivot Point R1: 48.11
    Previous Daily Pivot Point R2: 49.73
    Previous Daily Pivot Point R3: 51.53

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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