WTI: Bulls gathering pace for a break above $ 63, EIA report eyed

Bulls take a breather amid risk-on, as US-China trade optimism underpin.
Markets ignore an unexpected rise in the US inventories, economic slowdown woes.
Eyes US EIA crude supplies report for the next push higher.

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) extended its winning streak into a fourth straight day this Wednesday, having posted fresh five-month highs at 62.98 last hour. At the press time, the rates trade near 62.70 levels, modestly flat on the day.

The black gold continues to consolidate the recent bullish momentum and awaits the US EIA crude stockpiles data for the fresh leg higher, especially after the US API report showed an unexpected build in crude stockpiles.

Today’s advances in the rates can be mainly attributed to the risk-on moods, fuelled by the reports about the progress on the US-Chi8na trade talks and cheerful Chinese services PMI release. The higher-yielding oil usually benefits from the risk-on market profiles.

Meanwhile, the barrel of WTI continues to find support from the increased expectations of the US imposing additional sanctions on Iranian energy sector while supply risks from Venezuela combined with the ongoing OPEC output cuts also continue to keep the buoyant tone intact around the commodity.

Looking ahead, the sentiment on Wall Street and the US EIA crude inventory report will offer fresh directives on the prices, as the bulls remain poised for a sustained break above the 63 handle.

WTI Technical Levels

WTI

Overview
Today last price	62.81
Today Daily Change	0.19
Today Daily Change %	0.30
Today daily open	62.62

Trends
Daily SMA20	59.02
Daily SMA50	56.59
Daily SMA100	53.7
Daily SMA200	60.92

Levels
Previous Daily High	62.76
Previous Daily Low	61.66
Previous Weekly High	60.78
Previous Weekly Low	58.25
Previous Monthly High	60.78
Previous Monthly Low	54.79
Daily Fibonacci 38.2%	62.34
Daily Fibonacci 61.8%	62.08
Daily Pivot Point S1	61.93
Daily Pivot Point S2	61.25
Daily Pivot Point S3	60.83
Daily Pivot Point R1	63.03
Daily Pivot Point R2	63.45
Daily Pivot Point R3	64.13

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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