Tuesday’s Technical Outlook for WTI Crude Oil

Tuesday’s Technical Outlook for WTI Crude Oil

WTI Crude Oil

Crude Oil prices dove Monday, as during the Oil producers’ meeting in Doha, the OPEC and non-OPEC producers failed to reach an agreement on a a production freeze.

Kuwaiti oil workers arrive at the union headquarter in Al-Ahmadi, 35 km south of Kuwait city, on April 17, 2016, to protest alleged pay cuts and plans to privatise parts of the oil sector. Hit by the sharp drop in crude prices on world markets, Kuwait is introducing a new payroll scheme for all public employees and wants to include the country's 20,000 oil workers, which would mean an automatic cut in wages and incentives. / AFP PHOTO / YASSER AL-ZAYYAT
Kuwaiti oil workers arrive at the union headquarter in Al-Ahmadi, 35 km south of Kuwait city, on April 17, 2016, to protest alleged pay cuts and plans to privatize parts of the oil sector.
Hit by the sharp drop in crude oil prices on world markets, Kuwait is introducing a new payroll scheme for all public employees and wants to include the country’s 20,000 oil workers, which would mean an automatic cut in wages and incentives. 

WTI Crude Oil futures fell to 37.59 bbl, or over 7% before paring losses and recover some ground on news Kuwait’s Oil production fell as the sector´s workers began an openended strike over government plans to cut wages.

WTI Crude Oil’s recovery stalled below the 40.00 mark

On the daily

Black Gold finished the day above its MAs, as the technical indicators bounced sharply from their mid-lines, all of which suggest that the Southside potential could be limited.

In the 4 hours

The WTI Crude technical indicators are recovering from oversold territory, but remain below their mid-lines, and the price is below a Bearish 20-Day SMA at 40.40, the mark to pass to confirm further gains for Tuesday.

Support marks: 39.55 38.80 38.20
Resistance marks: 40.40 41.20 41.90

Stay tuned…

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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