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Oil technical analysis: WTI drops to 2-day lows as Kuwait and Saudi Arabia plan to resume production

  • WTI rejects 57.40 resistance as Kuwait and Saudi Arabia plan to resume production.
  • The levels to beat for bears are at 55.00 and $54.00 a barrel.

Oil daily chart

 
WTI (West Texas Intermediate) is trading below its main daily simple moving averages (DSMAs) suggesting a bearish bias. Crude oil falls sharply as Kuwait and Saudi Arabia look to resume production in Neutral Zone.
 

Oil 4-hour chart

 
WTI is trading below its main SMAs suggesting bearish momentum in the medium term. Bulls attempted to break above 57.00 and 57.40 resistances but found no price acceptance as the market fell. 

Oil 30-minute chart

 
Oil is trading below 56.00 and its main SMAs. Bears seem to be back and they might try to drive the market to 55.00 and 54.00 support. 
 

Additional key levels

WTI

Overview
Today last price 55.91
Today Daily Change -1.28
Today Daily Change % -2.24
Today daily open 57.19
 
Trends
Daily SMA20 58.03
Daily SMA50 57.23
Daily SMA100 59.43
Daily SMA200 56.87
Levels
Previous Daily High 57.46
Previous Daily Low 55.76
Previous Weekly High 60.98
Previous Weekly Low 54.87
Previous Monthly High 59.93
Previous Monthly Low 50.72
Daily Fibonacci 38.2% 56.81
Daily Fibonacci 61.8% 56.41
Daily Pivot Point S1 56.15
Daily Pivot Point S2 55.1
Daily Pivot Point S3 54.45
Daily Pivot Point R1 57.85
Daily Pivot Point R2 58.5
Daily Pivot Point R3 59.55

 

 

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