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Oil Price Analysis: WTI tumbles to $60 a barrel

  • WTI had a selloff with a very wide range this Wednesday. 
  • The level to beat for sellers is the 59 support. 
 

Crude oil daily chart

 
The crude oil West Texas Intermediate (WTI) is strongly rejecting the 65 handle while trading above the main SMAs. 
 

Crude oil four-hour chart

 
Black gold is having a sharp selloff to $60 a barrel and the 200 SMA on the four-hour chart. As the bears took control the market is more likely to continue to explore lower prices towards 57 and 55.50 price levels. Resistances are seen near 61, 62 and 63 handles. 
 

Additional key levels

WTI

Overview
Today last price 60.14
Today Daily Change -2.57
Today Daily Change % -4.10
Today daily open 62.71
 
Trends
Daily SMA20 60.88
Daily SMA50 58.56
Daily SMA100 57
Daily SMA200 57.91
 
Levels
Previous Daily High 63.17
Previous Daily Low 62.15
Previous Weekly High 64.11
Previous Weekly Low 60.67
Previous Monthly High 62.38
Previous Monthly Low 55.41
Daily Fibonacci 38.2% 62.54
Daily Fibonacci 61.8% 62.78
Daily Pivot Point S1 62.18
Daily Pivot Point S2 61.66
Daily Pivot Point S3 61.16
Daily Pivot Point R1 63.2
Daily Pivot Point R2 63.7
Daily Pivot Point R3 64.22

 

 

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