WTI Crude – Multi-Year Lows Eyed on Support Break

By Unknown

Minggu, 21 Agustus 2016

WTI Crude – Multi-Year Lows Eyed on Support Break

WTI is under intense pressure Wednesday, down almost 4% on the day when the writing, and further losses may be in store.

WTI pierced the lowest in the last year to trade at the lowest level since February 13, 09, a move that could prompt further losses in the coming sessions, with technical support additional appearing close below $ 32.30.

what makes this continued bearish bias even more important was the apparent increase in the geopolitical risk following the decision of Saudi Arabia to sever diplomatic ties with Iran, which once upon a time might be bullish for oil. Saudi Arabia is the world's largest oil exporter, while Iran would resume exports this year so that any potential conflict could lead to supply disruptions.

The fact that crude has continued to slide suggests two things, people are more concerned with history oversupply current and potential supply disruptions is supposed to be very thin.

next support level of $ 32.30 will be very important as a break would take WTI to levels not seen since December 03 and still closer to the psychologically important $ 30 a barrel.

If WTI fail to resist movement of less than $ 34, despite already briefly trading below the resistance should remain on the rise between $ 37.20 and $ 38, where it has not managed to break above almost a month

additional resistance may also be found above here from the descending trend line - 25. June 2014 summits -. and the simple moving average of 55 days

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