WTI consolidates above $40 as the Baker Hughes rig count data plateaus

U.S. Baker Hughes Total Rig Count 251 vs previous 251 (exp 245).
WTI prices pick back up after the data but the price remains 0.10% lower on Friday.

Rajan Dhall, MSTA FX Daily

Has the Baker Hughes rig count found its bottom?

The Baker Hughes weekly rig count data stalled again at 251. In the data shown below, you can see since 15th May the number of rigs online has been diminishing. The rate of change is now much slower and this is the first time the number has recorded the same since 14th Feb 2020.

Jul 31, 2020 251 - Jul 24, 2020 251 - Jul 17, 2020 253 - Jul 10, 2020 258 - Jul 02, 2020 263 - Jun 26, 2020 265 - Jun 19, 2020 266 - Jun 12, 2020 279 - Jun 05, 2020 284 - May 29, 2020 301 - May 22, 2020 318 - May 15, 2020 339.

WTI 4-hour chart

Looking at the chart below, the price has now stalled at USD 40.40 per barrel. There has been some recent selling pressure but it seems today after the OPEC report the price found some support. Total OPEC production did increase but maybe not as much as some had anticipated. There has been a trendline break at the green level and if the price moved toward the line again it could be a resistance point. First up is the red horizontal line at 40.75 and any break above there could indicate that the uptrend is back on after a minor blip lower.

Additional levels

WTI

Overview
Today last price	40.42
Today Daily Change	-0.05
Today Daily Change %	-0.12
Today daily open	40.47

Trends
Daily SMA20	40.89
Daily SMA50	38.89
Daily SMA100	32.1
Daily SMA200	43.72

Levels
Previous Daily High	41.5
Previous Daily Low	39.1
Previous Weekly High	42.52
Previous Weekly Low	39.99
Previous Monthly High	41.65
Previous Monthly Low	34.45
Daily Fibonacci 38.2%	40.02
Daily Fibonacci 61.8%	40.59
Daily Pivot Point S1	39.21
Daily Pivot Point S2	37.96
Daily Pivot Point S3	36.82
Daily Pivot Point R1	41.61
Daily Pivot Point R2	42.76
Daily Pivot Point R3	44.01

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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