12 Aug 2015
Crude bounces off 6-year low
FXStreet (Córdoba) - Crude oil prices managed to pare some of its previous days’ losses, with West Texas Intermediate crude oil futures settling around $43.30 a barrel by the end of the day. Despite the broad dollar weakness, the black gold was unable to run ahead of US stockpiles data, as fears of a continued world glut persist.
Oil technical view
“Technically, the daily chart shows that the technical indicators continue hovering near oversold levels, whilst the 20 SMA maintains a strong bearish slope above the current price, maintaining the risk towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the price was unable to advance beyond a bearish 20 SMA, currently offering an immediate resistance around 43.70, whilst the Momentum indicator turned south after testing its mid-line and the RSI indicator hovers around 40, all of which supports the longer term view”.
Support levels: 42.65 42.00 41.40. Resistance levels: 43.70 44.20 45.00.
Oil technical view
“Technically, the daily chart shows that the technical indicators continue hovering near oversold levels, whilst the 20 SMA maintains a strong bearish slope above the current price, maintaining the risk towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the price was unable to advance beyond a bearish 20 SMA, currently offering an immediate resistance around 43.70, whilst the Momentum indicator turned south after testing its mid-line and the RSI indicator hovers around 40, all of which supports the longer term view”.
Support levels: 42.65 42.00 41.40. Resistance levels: 43.70 44.20 45.00.