WTI Oil balances above $30 ; 14 Jan 2015

 WTI  Oil encountered another aggressive depreciation on Wednesday with prices edging closer to the psychological $30 support following reports from the Energy Information Administration showing a huge increase in gasoline stockpiles.Oil remains under intense pressure and this latest sharp rise in Gasoline stockpiles has intensified the growing concerns around the excessive oversupply in the markets which is consequently encouraging sellers to attack prices further.The punishment of falling oil prices has already caused conflicting opinions between OPEC members with Nigeria's minister of state for petroleum resources, Emmanuel Kachikwu, previously suggesting an emergency meeting, but this proposition was briskly rejected by UAE Energy Minister Suhail bin Mohammed al-Mazroui, who believes that OPEC's strategy is working effectively.

It remains very clear that OPEC is willing to leave production unchanged and with no clear signs of an emergency meeting taking place despite the aggressive decline in prices, it may only be a matter of time before WTI breaks below $30.From a technical standpoint, prices are heavily bearish on the daily timeframe as there have been consistently lower lows and lower highs. Prices are trading below the daily 20 SMA and the MACD has also crossed to the downside. A solid daily close below $30 may encourage sellers to send prices towards $29.

About Money99

Parag Patil is a technical analyst and trading system designer with stock excel programmer. I hope the articles and live chart of nse future and mcx on this Website will be as helpful and profitable to you . I try to update and post new articles tips everyday. My motto is to encourage the traders, so that they should able to understand the technique views behind the moment of stocks. I have deeply analyzed with many technical indicator with parameter and added to my amibroker afl. And even taken backtest report which is never being implemented. Any of the analyst expect me. Seeing all this you may understand that my views is more technical than commercial. If you are profited by my views I fill happy.