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.

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

 

 

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