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WTI Price Analysis: Crude oil bounces from fresh 2023 lows

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WTI Price Analysis: Crude oil bounces from fresh 2023 lows

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New update 2023.03.18 01:32
WTI Price Analysis: Crude oil bounces from fresh 2023 lows

update 2023.03.18 01:32

  • Financial turmoil weighs on investors’ mood and drags black gold lower.
  • WTI bounced modestly after posting a fresh 2023 low of $65.22 a barrel.

The barrel of West Texas Intermediate fell to $65.22 on Friday, its lowest since November 2022. It currently trades at around $67.30 a barrel, breaking lower amid financial turmoil weighing on the market mood.

The banking crisis triggered by Silicon Valley Bank (SVB) and Signature Bank last week escalated, with Credit Suisse under siege after its top shareholder ruled out providing financial assistance to the company. Stock markets collapsed despite authorities’ efforts to ensure the banking sector was strong enough to bare with the situation.

Nevertheless, concerns remained after SVB  officially announced its bankruptcy on Friday, while yet another bank came under scrutiny, First Republic. European and US indexes trade in the red and are poised to finish the week in negative territory.

WTI, in the meantime, is down for a fifth consecutive day, with daily technical readings hinting at continued declines ahead. Once below the aforementioned low, the slump could extend to $62.41, December 2021 monthly low. A break below the latter will likely attract speculative buying, with $60.00 acting as a major psychological barrier. The black gold is currently finding sellers at around $70.00, with gains above the level unlikely to prosper. 

WTI US OIL

Overview
Today last price 66.97
Today Daily Change -1.46
Today Daily Change % -2.13
Today daily open 68.43
 
Trends
Daily SMA20 75.74
Daily SMA50 77.39
Daily SMA100 78.81
Daily SMA200 85.84
 
Levels
Previous Daily High 69.53
Previous Daily Low 65.9
Previous Weekly High 80.99
Previous Weekly Low 74.89
Previous Monthly High 80.75
Previous Monthly Low 72.5
Daily Fibonacci 38.2% 68.14
Daily Fibonacci 61.8% 67.28
Daily Pivot Point S1 66.38
Daily Pivot Point S2 64.32
Daily Pivot Point S3 62.74
Daily Pivot Point R1 70.01
Daily Pivot Point R2 71.58
Daily Pivot Point R3 73.64

 

 


Date

Created

 : 2023.03.18

Update

Last updated

 : 2023.03.18

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