FxWirePro: WTI slips below $65 mark, global growth concerns and rising supply undermine sentiment

US oil chart on Trading View used for analysis 

• US oil is trading in an extremely narrow range, capped below $65 per barrel mark.
   
• Rising US crude supplies combined with global growth concerns continue to undermine the sentiment.
   
• Markets remain wary about the global economic slowdown fears amid ongoing US-China trade war and the European political woes. 
   
• Further, the US EIA data showed that the US crude oil inventories climbed for a sixth straight week.
   
• The pair is extending break below 200-DMA and now targets next major support at 38.2% Fib at 64.94.
   
• Technical studies support weakness, momentum studies are bearish. Break below 38.2% Fib to extend weakness.

Support levels - 63.59 (38.2% Fib), 61.84 (Apr 6 low)

Resistance levels - 66.07 (5-DMA), 67.49 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.