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US oil chart on Trading View used for analysis
- Oil slips lower after Saudi promised to supply the Iranian shortfall.
- WTI fell below 200 DMA for the first time in more than a year as a result.
- Further American Petroleum Institute said on Tuesday U.S. crude stocks had risen by 9.9 million barrels - more than forecast.
- Focus now on the U.S. government's supply report (EIA data) which is due at 1430 GMT.
- Technical studies are bearish, momentum with the bears. Scope for further weakness.
- Next major bear target lies at 63.59 (38.2% Fib). Retrace above 200-DMA negates near-term bearishness.
Support levels - 64.45 (Aug 16 low), 63.59 (38.2% Fib)
Resistance levels - 67.44 (200-DMA), 68.10 (5-DMA)
Recommendation: Good to stay short on upticks, SL: 67.50, TP: 66/ 65.35/ 64.50
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
