Tuesday, November 3, 2015

Oil consolidates above $46.00 a barrel

FXStreet (Córdoba) - Crude oil prices traded slightly lower this Monday, but West Texas Intermediate futures ended the day unchanged around $46.00 a barrel.

Tepid Chinese manufacturing data weighed on the commodity, spurring fears that demand will
shrink further in an oversupplied market.

WTI technical view

“Technically, the daily chart shows that the price remained most of the day below a bearish 20
SMA, while the technical indicators have turned south below their mid-lines”, said Valeria
Bednarik, chief analyst at FXStreet. “In the 4 hours chart, however, the price managed to hold
above a bullish 20 SMA, whilst the technical indicators have posted tepid bounces from their
mid-lines, but lack directional strength at the time being. Approaches to the 45.00 level have
been attracting buying interest ever since breaking above it, which means a downward
acceleration below the level is required to confirm additional declines for this Tuesday”.

Bednarik locates next support levels at 45.90, 45.10 and 44.40, while she places resistances at 46.35, 47.00 and 47.70.
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