Oil ends lower, little changed after Fed

FXStreet (Córdoba) - West Texas Intermediate crude oil prices ended the day slightly lower, at $ 46.80 a barrel, weighed by an OPEC forecast, saying that oil prices will grow by no more than $ 5 per barrel a year, to reach $ 80.00 by 2020. Also, weaker-than-expected Japanese exports data, fueled concerns over a global economic slowdown, which will maintain demand limited.

WTI technical view

“Technically, the daily chart shows that the Momentum indicator continues heading higher above the 100 level, whilst the price holds well above a bullish 20 SMA, although the RSI indicator has turned south around 56, anticipating some further declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is well above its moving averages, but the technical indicators turned lower from overbought territory, also supporting a downward corrective move, partially on a break below the immediate support at 46.30, where the commodity presents several intraday highs and lows, for these last few days”.

Support levels: 46.30 45.50 44.80. Resistance levels: 47.30 48.10 49.00.