Information for FX Daily
WTI Crude Oil (NY Close): $108.56 // -1.21 // -1.10%
Prices put in a Bearish Engulfing candlestick pattern below resistance at 110.04, the 61.8% Fibonacci extension, hinting a move lower may be ahead. A break below initial support at 106.70, the 50% Fib extension, exposes the 38.2% level at 103.34. Alternatively, renewed bullish momentum that produces a daily close above resistance exposes the 76.4%Fib at 114.25.
Daily Chart - Created Using FXCM Marketscope 2.0
If oil Prices goes down, potentially the Stock Market can take a breather and climb up again..
West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. The price of WTI is often referenced in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai Crude and the OPEC Reference Basket.
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