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26 Apr 2016
Oil gains more than 3% ahead of supply data
Crude oil gained more than 3% on Tuesday amid a weaker US dollar, while investors await API inventories data later on the day ahead of the US Government oil stockpiles report due tomorrow.
West Texas Intermediate crude for June delivery rose $1.40, or 3.3%, to settle at $44.04 a barrel on NYMEX, marking the highest settlement so far this year.
WTI technical perspective
“The daily chart for the commodity shows that the price is close to the yearly highs posted earlier this month at $44.47, and that remains well above its 100 and 200 SMAs, with the shortest slowly turning higher, but still far from signaling a steeper recovery in prices. In the mentioned time frame, the Momentum indicator continues heading south towards its 100 level, but the RSI resumed its advance and heads north around 62, limiting the downside," said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart, the technical stance is bullish, as the price is well above its moving averages that maintain strong bullish slopes, whilst the RSI indicator hovers around 59.”
Support levels: 43.40 42.60 41.90. Resistance levels: 44.50 45.10 45.80.
West Texas Intermediate crude for June delivery rose $1.40, or 3.3%, to settle at $44.04 a barrel on NYMEX, marking the highest settlement so far this year.
WTI technical perspective
“The daily chart for the commodity shows that the price is close to the yearly highs posted earlier this month at $44.47, and that remains well above its 100 and 200 SMAs, with the shortest slowly turning higher, but still far from signaling a steeper recovery in prices. In the mentioned time frame, the Momentum indicator continues heading south towards its 100 level, but the RSI resumed its advance and heads north around 62, limiting the downside," said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart, the technical stance is bullish, as the price is well above its moving averages that maintain strong bullish slopes, whilst the RSI indicator hovers around 59.”
Support levels: 43.40 42.60 41.90. Resistance levels: 44.50 45.10 45.80.