9 Apr 2015
Crude might test $53.50-$54 – Kshitij Consultancy
FXStreet (Barcelona) - The Kshitij Consultancy Team gives the technical outlook for WTI and Brent, expecting the former to test $53.50-$54 it crude remains above $50.
Key Quotes
“Crude Oil (51.03) plunged from yesterday's highs of 54.09 to a low of 50.36. The large inventory buildup and Iran's additional oil supply concerns rattled the markets.”
“On charts, this was WTI's first touch of 100-day MA since July 2014 when it was at $102. It has also tested the channel top…”
“As long as Crude hold above $50, we are likely to see another test of 53.50-54 levels.”
“Brent (56.18) was unable to break above 59 and plunged along with WTI. Brent-WTI spread is now at 5.15 and has not risen as expected. 59-60 levels is a formidable resistance for Brent. The 100-day MA is at 59.12.”
Key Quotes
“Crude Oil (51.03) plunged from yesterday's highs of 54.09 to a low of 50.36. The large inventory buildup and Iran's additional oil supply concerns rattled the markets.”
“On charts, this was WTI's first touch of 100-day MA since July 2014 when it was at $102. It has also tested the channel top…”
“As long as Crude hold above $50, we are likely to see another test of 53.50-54 levels.”
“Brent (56.18) was unable to break above 59 and plunged along with WTI. Brent-WTI spread is now at 5.15 and has not risen as expected. 59-60 levels is a formidable resistance for Brent. The 100-day MA is at 59.12.”