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WTI chart on Trading View used for analysis
- WTI has breached the key $50 level to hit lowest since October 2017.
- The black gold was sold-off aggressively as markets remain skeptical ahead of the OPEC meeting next week.
- There are renewed concerns whether the OPEC will fail to deliver on the expected output cuts to stem the price declines and supply overhang.
- Also, increased cautiousness ahead of Friday’s Trump-Xi meeting on trade keeps the black gold on the defensive.
- Next bear target lies at 49.13 6th October 2017 lows. Further weakness could see 46.49 (Sept 2017 low).
- Immediate resistance is seen at 5-DMA at 50.85, Decisive break above 20-DMA to see some respite from bears.
Support levels - 49.13 (6th October 2017 lows), 46.75 (trendline), 46.49 (Sept 2017 low)
Resistance levels - 50.85 (5-DMA), 53.43 (50M SMA), 56.33 (21-EMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
