WTI CRUDE OIL
WTI CRUDE OIL
- USD (-)
- 10 min delayed data - NYMEX Futures
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Type: Commodities
Ticker: WBS
ISIN:

WTI CRUDE OIL - WTI Recorded a Fresh 2-Week Low - 10/26/2016 (GMT)

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  • Timeframe : 4H

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The West Texas Intermediate (WTI) recorded a fresh 2-week low at $49.37 following the strong pullback from the $51.10 resistance level. The oil is creating the first negative week after five consecutive green weekly sessions as the worries for global supply glut fired following a report showing a surge in U.S. crude stocks. API Weekly Crude Oil stock jumped to 4.8M from a deficit of 3.8M before.

On the short-term timeframe, the price was moving within a rising channel which was violated to the downside during yesterday's session. The technical structure suggests bearish move as it is developing below the strong resistance level at $49.75. The price is moving towards the $48.60 support level and there are no obstacles until the latter barrier. In addition, the oil is developing below the 50-SMA and the 100-SMA while the technical indicators hold near the oversold areas. The MACD oscillator lies below the zero line with strong momentum whilst the RSI indicator lies near the 30 level.
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