WTI is set to post back-to-back weekly losses, despite gaining more than 2% on Friday. (Pivot Orderbook analysis)
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- WTI is set to post back-to-back weekly losses, despite gaining more than 2% on Friday.
- US crude oil output shortages were outweighed by gasoline demand; therefore, WTI rose.
The pair currently trades last at 76.57.
The previous day high was 75.22 while the previous day low was 73.98. The daily 38.2% Fib levels comes at 74.74, expected to provide support. Similarly, the daily 61.8% fib level is at 74.45, expected to provide support.
Western Texas Intermediate (WTI), the US crude oil benchmark, posted gains of more than 2% after US companies related to the energy sector exceeded earnings estimates. Furthermore, a government report flashed increased demand for fuel while crude oil output decelerated. At the time of writing, WTI is trading at $76.61.
Even though WTI is registering daily gains, it would finish the week with losses of 1.67%, extending its fall to two straight weeks concerning an impending slowdown in the United States (US).
The latest news reported by Reuters said that the US Federal Deposit Insurance Corp (FDIC), the US Secretary of Treasure, and the Federal Reserve held meetings with First Republic Bank, which is failing to reach a deal, to improve its financial position.
US crude output fell in February, as reported by the US Energy Information Administration (EIA) report, with production decelerating to 12.5 million barrels per day (bpd), the lowest level since December. Nonetheless, demand for fuel jumped to nearly 20 million bpd, its highest since November.
Meanwhile, the Baker Hughes report for April 28 reported that rigs drilling for oil in the US remained unchanged at 591, on a day that US companies reported earnings.
Technical Levels: Supports and Resistances
XTIUSD currently trading at 76.57 at the time of writing. Pair opened at 74.76 and is trading with a change of 2.42 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 76.57 |
| 1 | Today Daily Change | 1.81 |
| 2 | Today Daily Change % | 2.42 |
| 3 | Today daily open | 74.76 |
The pair is trading below its 20 Daily moving average @ 79.12, above its 50 Daily moving average @ 76.15 , below its 100 Daily moving average @ 76.95 and below its 200 Daily moving average @ 81.71
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 79.12 |
| 1 | Daily SMA50 | 76.15 |
| 2 | Daily SMA100 | 76.95 |
| 3 | Daily SMA200 | 81.71 |
The previous day high was 75.22 while the previous day low was 73.98. The daily 38.2% Fib levels comes at 74.74, expected to provide support. Similarly, the daily 61.8% fib level is at 74.45, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 74.09, 73.42, 72.85
- Pivot resistance is noted at 75.32, 75.89, 76.56
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 75.22 |
| Previous Daily Low | 73.98 |
| Previous Weekly High | 82.61 |
| Previous Weekly Low | 76.69 |
| Previous Monthly High | 80.99 |
| Previous Monthly Low | 64.39 |
| Daily Fibonacci 38.2% | 74.74 |
| Daily Fibonacci 61.8% | 74.45 |
| Daily Pivot Point S1 | 74.09 |
| Daily Pivot Point S2 | 73.42 |
| Daily Pivot Point S3 | 72.85 |
| Daily Pivot Point R1 | 75.32 |
| Daily Pivot Point R2 | 75.89 |
| Daily Pivot Point R3 | 76.56 |
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