Oil fails to hold above $30.00 a barrel

By FXStreet Crude oil prices extended their latest recovery, although WTI futures were unable to hold above $30.00 a barrel, meeting selling interest on short-lived spikes above it. Brent crude was unchanged at $33.36 a barrel, with investors still hoping on a deal to cut production among worldwide producers.

WTI technical view

“US crude advance stalled at the 50% retracement of the latest daily decline between 33.57 and 26.03, where it consolidates ahead of the Asian opening. Technically, the daily chart shows that the 20 SMA converges with the 61.8% retracement of the same rally at 30.80, still the level to break to confirm further advances”, said Valeria Bednarik, chief analyst at FXStreet. “The technical indicators in the mentioned timeframe head slightly higher within bearish territory, still unable to confirm further advances”.

“In the 4 hours chart, the technical indicators have lost upward strength near overbought levels, although the 20 SMA turned higher below the current level, reflecting the latest recovery in price rather than suggesting a new leg higher”, the analyst added.

Support levels: 29.20 28.50 27.70. Resistance levels: 30.10 30.80 31.50.
For more information, read our latest forex news. …read more

Source:: FX Street