WTI falling back, targetting chart territory below $80 as Crude Oil retreats

WTI barrels are retreating into recent lows as global economic data misses the mark.
US Dollar is seeing lift in the mid-week, further depressing Crude Oil bids.
Crude Oil is shrugging off a smaller-than-expected increase in EIA Crude stocks.

Joshua Gibson FXStreet

West Texas Intermediary (WTI) Crude Oil bids are on the backfoot for Wednesday as the US Dollar (USD) finds firm bids across the board, suppressing energy prices. Meanwhile, global economic data continues to miss the mark, pushing back market hopes for increasing Crude Oil demand.

European and Chinese growth continues to lag against market expectations, and stumped demand growth is bleeding across into Crude Oil prices as investors fear a steepening contraction in Crude usage failing to eat up production supply.

Energy Information Administration (EIA) Crude Oil Stocks into the week ending October 27th showed Crude Oil reserves increased at a smaller pace than expected, with EIA stocks increasing but 0.774M barrels against the forecast 1.261M (last 1.371M).

Despite the smaller-than-expected buildup, US Crude reserves are regardless increasing as Crude Oil usage continues to undershoot demand, washing away energy markets' narrative of a drastic undersupply in Crude pipelines.

WTI Technical Outlook

With WTI trading back towards $80.00, bidders will be looking to cut off a retreat below the 200-day Simple Moving Average (SMA) near $78.00.

The top side is capped off by the last swing high just shy of the $90.00 handle, and a lower high pattern is forming up on the daily candlesticks.

WTI Daily Chart

WTI Technical Levels

WTI US OIL

Overview
Today last price	80.82
Today Daily Change	-0.31
Today Daily Change %	-0.38
Today daily open	81.13

Trends
Daily SMA20	84.5
Daily SMA50	85.87
Daily SMA100	80.96
Daily SMA200	77.99

Levels
Previous Daily High	83.09
Previous Daily Low	80.52
Previous Weekly High	88.12
Previous Weekly Low	81.91
Previous Monthly High	90.88
Previous Monthly Low	80.52
Daily Fibonacci 38.2%	81.5
Daily Fibonacci 61.8%	82.1
Daily Pivot Point S1	80.07
Daily Pivot Point S2	79.01
Daily Pivot Point S3	77.5
Daily Pivot Point R1	82.64
Daily Pivot Point R2	84.15
Daily Pivot Point R3	85.21

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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