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7 September 2018

Forex Technical analysis

WTI Stabilizes Near $68

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WTI stabilizes near $68 having failed a tepid attempt above that tight trading range. Meanwhile, what should be traders immediate focus?

7 September, OctaFX – The black gold manages to derive support from falling US crude stocks, as reflected by the latest US EIA crude inventories report released a day before.

The EIA data showed that the US commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015.

WTI Stabilizes Near $68

The steady price action seen in the barrel of WTI so far this Friday can be mainly attributed to reduced demand for risk asset amid ongoing US-Sino trade tensions and Emerging Markets (EM) turmoil.

The immediate focus now remains on the US payrolls data that could have a major impact on the USD-sensitive oil while Bakers and Hughes oilfield services US rigs count data could also provide the next direction in prices.

WTI Technical Levels

According to Jason Sen at DayTradeIdeas.com,

“the outlook was negative & were likely to break 6855/45. Well done if you ran shorts! Gains are likely to be limited with first resistance at 6800/10 but above here targets a selling opportunity at 6860/70.
Stop above 6900. Holding below 6780/70 keeps the outlook negative for today targeting 6755/45 & the low at 6710/00. I see no reason for this to hold today & further losses target 6680/75 then 6650.”

Disclaimer

This article about WTI Stabilizes Near $68 was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

WTI crude oil price
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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