The WTI filled the Gaps Eventually
Dave Green • 1 min read
The crude oil initiated a trading session with a huge gap of 17 pips, as the WTI closed at 52.10 on the 7th of Feb, but initiated its trading day at $51.85 on 8th of Feb. Well, later in the New York trading session, the WTI crude oil soared dramatically to fill the price gaps, despite having any supported fundamental.
At the moment, the crude oil is trading at $52.36, adding +0.19 points and +0.36% for the day, having posted a daily high of $53.09 and a low of $51.67. Besides that, the WTI remained bullish as it's adding around 85 pips in the opening price.
Let me highlight the crude oil inventory figures, that demonstrated that an increase of 13.8 million barrels in the 1st week of Feb, as compared with anticipations for an expansion of 2.5 million barrels.
Besides the fundamentals, the technical side of the chart exhibits that the WTI crude oil has completed 61.8% Fibonacci retracement at $52.90 in the early New York trading sessions, whereas it's still holding below a major a resistance. Interestingly, the RSI has joined hands with 50 periods EMA, as both are supporting the bearish mode in oil.
In my concluding remarks, I would recommend you all focus on $52.95, a crucial trading level. Investors are advised to have their selling positions below $52.95 while having a stop above $53.12 and take profits below at $52.44.