Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: US Oil Short-term outlook

WTI crude has once declined after showing a jump till $59.61 yesterday. The commodity has shown a weakness amid supply disruption in Libya and Iraq.  But US oil production increased to an estimated record high of 13 million barrels per day. It hits an intraday low of $57.74 and is currently trading around $57.90.

 

Technically, major support stands at $57.60 (200- day MA) and any indicative break below targets $56.58/$55.32.

 

On the higher side, immediate resistance stands at $58.36 and break beyond will take the commodity till $58.71/$59.64.  

 

It is good to sell on rallies around $58.10-15 with SL around $58.72 for the TP of $55.50.

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.