WTI prices firm on the $54 handle, bulls look to a test towards $56.80 again


  • WTI prices are firmer by 0.26% so far in Asia today.
  • Spot oil, overnight, ranged between $53.79bbls and $55.30bbls, down -0.47%.

Oil prices have been on the back foot since July but have recently found some traction and bulls are stepping in to protect the 5 handle. Spot oil, overnight, ranged between $53.79bbls and $55.30bbls, down -0.47% on the day while oil futures ended lower for a second consecutive session. West Texas Intermediate crude for September delivery dropped 76 cents, or 1.4%, to settle at $54.47 a barrel on the New York Mercantile Exchange, after trading as low as $53.77. In Asia, prices are firmer by 0.26% so far. 

Geopolitics driving price

On the geopolitical front specifically related to oil prices, analysts at TD Securities explained that the US Justice Department is looking to seize the Iranian tanker that had previously been held by the UK remain in the shadows of risk sentiment, which remains the primary driver for energy prices:

 "While the previous round of weakness prompted trend followers to strap on more shorts, the algos could well cover their shorts in the near-term as downside momentum fails to gather steam. Indeed, the bar is fairly low for CTAs to cover some recently added shorts in WTI, with the key trigger level standing just above $56.30/bbl, with our estimated key trigger for Brent further north at $63.40/bbl."

WTI levels

Technically, the cluster of the 50 and 200 daily moving averages that have a confluence with the 38.2% Fibo' keeps a lid on recoveries. The prices are back to test below the 23.6% threshold and bears can target a break towards the 52 handle.  On the upside, if the bulls manage a break of said confluence resistance, then there is space for a recovery to the 58 handle to meet trend line resistance. 

WTI

Overview
Today last price 54.71
Today Daily Change -0.22
Today Daily Change % -0.40
Today daily open 54.93
 
Trends
Daily SMA20 55.54
Daily SMA50 56.18
Daily SMA100 58.92
Daily SMA200 56.21
Levels
Previous Daily High 56.84
Previous Daily Low 53.99
Previous Weekly High 55.53
Previous Weekly Low 50.51
Previous Monthly High 60.99
Previous Monthly Low 54.87
Daily Fibonacci 38.2% 55.08
Daily Fibonacci 61.8% 55.75
Daily Pivot Point S1 53.67
Daily Pivot Point S2 52.4
Daily Pivot Point S3 50.82
Daily Pivot Point R1 56.52
Daily Pivot Point R2 58.1
Daily Pivot Point R3 59.37

 


 

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