WTI bulls spiked up to test descending trendline resistance


  • WTI bulls manage to print a higher high and low once again.
  • WTI for October delivery dropped by 45 cents, or 0.8%, to settle at $55.68.

West Texas Intermediate is down by 0.77% at the time of writing having travelled lower from a high of $57.10 to a low of $55.57 while oil futures also settled lower on Wednesday after the government reported a weekly decrease in domestic crude supplies. This data dropped in as the first in the past few weeks. WTI for October delivery dropped by 45 cents, or 0.8%, to settle at $55.68 a barrel on the New York Mercantile Exchange, 

The Energy Information Administration reports that U.S. crude supplies dropped by 2.7 million barrels for the week ended Aug. 16 following the builds of the prior two weeks. 

"The global supply narrative has continued to pump out a positive narrative, with the latest OPEC compliance data showing continued over-compliance, but demand fears continue to place a cap on the complex. This suggests that CTAs could be whipsawed for a while longer, as momentum signals prompt the algos to buy high and sell low, with prices largely remaining range-bound,"

analysts at TD Securities explained. 

WTI levels

The price continues to hold above the 20-daily moving average and pierced the 50-DMA, reaching the downside trendline.  On a reemergence of the bulls, which did manage a higher high and low on Tuesday and now Wednesday as well, there will be scope for a recovery to the 58 handle to meet trend line resistance. On the downside, bears can target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.

WTI

Overview
Today last price 55.82
Today Daily Change -0.26
Today Daily Change % -0.46
Today daily open 56.08
 
Trends
Daily SMA20 55.35
Daily SMA50 56.32
Daily SMA100 58.7
Daily SMA200 56.2
Levels
Previous Daily High 56.53
Previous Daily Low 55.12
Previous Weekly High 57.4
Previous Weekly Low 53.48
Previous Monthly High 60.99
Previous Monthly Low 54.87
Daily Fibonacci 38.2% 55.99
Daily Fibonacci 61.8% 55.66
Daily Pivot Point S1 55.29
Daily Pivot Point S2 54.5
Daily Pivot Point S3 53.88
Daily Pivot Point R1 56.7
Daily Pivot Point R2 57.32
Daily Pivot Point R3 58.11

 

 

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