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Oil technical analysis: WTI sidelined near $57.00 a barrel

  • Crude starts the week, keeping the ranging theme unchanged.
  • The level to beat for bulls is the 57.50 resistance.
 

Crude oil daily chart

 
The crude oil West Texas Intermediate (WTI) is challenging $57.00 a barrel and the 200-day simple moving average (DMA) while the market has been consolidating for the most part of last week.
 

 

Crude oil four-hour chart

 
The market is trading above its main SMAs, keeping the bullish bias above the 56.00 support level. Buyers are looking for a daily close above the 57.50 level to potentially resume the bull move towards the 58.00, 59.00 and 60.00 price levels.
 

 

Crude oil 30-minute chart

 
The range theme remains unchanged at the start of the week. Support is seen at the 57.00 level followed by 56.40 and the 56.00 figure.
 

 

Additional key levels

WTI

Overview
Today last price 57.04
Today Daily Change -0.47
Today Daily Change % -0.82
Today daily open 57.51
 
Trends
Daily SMA20 55.31
Daily SMA50 55.6
Daily SMA100 56.06
Daily SMA200 57.46
 
Levels
Previous Daily High 57.54
Previous Daily Low 55.84
Previous Weekly High 57.93
Previous Weekly Low 55.84
Previous Monthly High 56.97
Previous Monthly Low 51.19
Daily Fibonacci 38.2% 56.89
Daily Fibonacci 61.8% 56.49
Daily Pivot Point S1 56.39
Daily Pivot Point S2 55.26
Daily Pivot Point S3 54.69
Daily Pivot Point R1 58.09
Daily Pivot Point R2 58.66
Daily Pivot Point R3 59.79

 

 

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