WTI stuck in tight range below $ 57.50, EIA data in focus
- Bulls face exhaustion, as global economic slowdown worries linger.
- Eyes EIA data for fresh directives amid OPEC supply cuts and US sanctions on Iran and Venezuela.
WTI (oil futures on NYMEX) is seen fluctuating between gains and losses so far this European session, testing the 57.00 demand zone once again following the failed attempt to regain the 57.50 upside barrier.
The bears continue to guard the last, as the sentiment around the black gold remains dampened by mounting global economic slowdown fears, especially after the Eurozone and German manufacturing activity contracted this month.
However, the bulls continue to fight for control amid increased hopes of the US-China trade resolution while a smaller-than-expected increase in the US crude stockpiles, as reported by the API, also helps keep the buoyant tone intact around the commodity.
Further, deepening OPEC output cuts combined with the US sanctions on Iran and Venezuela continue to threaten global supplies, which eventually is acting as oil positive over the last few trading sessions.
Markets now look forward to the official US government oil stockpiles and production data due to be published by the Energy Information Administration (EIA) later on Thursday.
WTI Technical Levels
Overview:
Today Last Price: 57.20
Today Daily change: -3 pips
Today Daily change %: -0.05%
Today Daily Open: 57.31
Trends:
Daily SMA20: 54.37
Daily SMA50: 51.53
Daily SMA100: 55.44
Daily SMA200: 62.73
Levels:
Previous Daily High: 57.65
Previous Daily Low: 55.85
Previous Weekly High: 56.22
Previous Weekly Low: 51.56
Previous Monthly High: 55.48
Previous Monthly Low: 44.52
Daily Fibonacci 38.2%: 56.96
Daily Fibonacci 61.8%: 56.54
Daily Pivot Point S1: 56.22
Daily Pivot Point S2: 55.14
Daily Pivot Point S3: 54.42
Daily Pivot Point R1: 58.02
Daily Pivot Point R2: 58.74
Daily Pivot Point R3: 59.82
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.
