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Oil Price Analysis: WTI advance limited near $28.00 per barrel

  • Oil consolidates last week’s gains while trading below the 28.00 handle. 
  • Support is seen near 24.00 and 22.00 levels. 
 

WTI daily chart

 
WTI is consolidating the advanced it made in the last three sessions as the market is digesting the Trump tweet suggesting that a Saudi-Russian deal has been made. 
 

WTI four-hour chart

 
After regaining some poise last week, crude oil is consolidating the gains below 28.00 resistance. In the absence of a break above this level, WTI is set to resume the bear trend as the market is trading below the 200 SMA on the four-hour chart but above the 50 and 100 ones. Support can be seen near 24.00 and 22.00 levels on the way down. 
 

Additional key levels

WTI

Overview
Today last price 29.07
Today Daily Change -1.51
Today Daily Change % -4.94
Today daily open 30.58
 
Trends
Daily SMA20 26.89
Daily SMA50 40.96
Daily SMA100 49.96
Daily SMA200 52.99
 
Levels
Previous Daily High 30.67
Previous Daily Low 25.39
Previous Weekly High 30.67
Previous Weekly Low 21.01
Previous Monthly High 48.74
Previous Monthly Low 20.57
Daily Fibonacci 38.2% 28.65
Daily Fibonacci 61.8% 27.41
Daily Pivot Point S1 27.09
Daily Pivot Point S2 23.6
Daily Pivot Point S3 21.82
Daily Pivot Point R1 32.37
Daily Pivot Point R2 34.16
Daily Pivot Point R3 37.65

 

 

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