WTI Crude Oil (current price: $45.60)
Oil got sharply higher yesterday, surging higher throughout the session, and it finished more than 3% higher after a late day rally that carried the commodity above $45.50 from the vicinity of the crucial $44 support. WTI Crude is now just below the next important level at $46.50, as the surprisingly dovish FED statement might leave room for more upside if the Dollar falls further. On the other hand, the struggling Asian economies and the still gloomy supply situation could still weigh on the commodity.
Our assessment: Oil remains above of the rising 200-day MA near $41.60 and the recent bullish reversal from the $44 zone might signal the re-test of the $49-$50 interval.
