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Oil Price Analysis: WTI trades in three-week’s highs near $26.50 a barrel

  • Oil is well supported after Trump gives hope for a Saudi-Russian deal. 
  • The level to beat for buyers is the 28.00 resistance.
 

WTI daily chart

 
WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.
 

WTI four-hour chart

 
WTI is attempting to break from the range of the last weeks while holding above the 24.00 level and the 50/100 SMAs on the four-hour chart as a breakout above the 28.00 handle can introduce scope to further gains towards $32.00 a barrel. Support is seen near the 24.00, 22.00 and 20.00 levels. 
 

Additional key levels

WTI

Overview
Today last price 28.75
Today Daily Change 2.51
Today Daily Change % 9.57
Today daily open 26.24
 
Trends
Daily SMA20 27.45
Daily SMA50 41.43
Daily SMA100 50.23
Daily SMA200 53.13
 
Levels
Previous Daily High 29.01
Previous Daily Low 22.57
Previous Weekly High 25.85
Previous Weekly Low 21.19
Previous Monthly High 48.74
Previous Monthly Low 20.57
Daily Fibonacci 38.2% 26.55
Daily Fibonacci 61.8% 25.03
Daily Pivot Point S1 22.87
Daily Pivot Point S2 19.5
Daily Pivot Point S3 16.43
Daily Pivot Point R1 29.31
Daily Pivot Point R2 32.37
Daily Pivot Point R3 35.74

 

 

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