FxWirePro: WTI slips below 69 mark, eyes 200-DMA at 67.36, stay short

US Oil chart on Trading View used for analysis 

• WTI slips lower after weekly EIA report on Wednesday showed a larger-than-expected build in crude stocks.
   
• Crude prices accelerating the leg lower today, breaks below $69/ barrel mark.
   
• Renewed US-China trade jitters continue to hurt the traders’ sentiment and keep weighing on the commodity.  
   
• Technical indicators support further weakness in prices. Momentum with the bears.
   
• Break below cloud could see dip till 200-DMA at 67.36. Violation at 200-DMA will see acceleration of downside.
   
• Focus now on Baker Hughes weekly figures for the US drilling activity on Friday.

Support levels - 67.36 (200-DMA), 64.94 (38.2% Fib)

Resistance levels - 70.71 (55-EMA), 71.76 (21-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-US-Oil-holds-support-at-55-EMA-break-below-to-see-further-weakness-1442752) has hit TP1/2.

Recommendation: Book partial profits, hold for weakness.

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