Crude Oil Price News and Forecast: WTI corrects from channel lows and target a break to the 21-DMA

FXStreet Team FXStreet

Oil Technical Analysis: WTI correcting Friday’s drop near $56.00 a barrel

The crude oil West Texas Intermediate (WTI) is currently trading near $56.00 a barrel and the 50/100 DMAs consolidating Friday’s drop.

WTI is correcting the bear breakout below the 200 SMA on the four-hour chart. The market seems vulnerable to the downside. However, more consolidation might be on the cards in the medium term.

WTI corrects from channel lows and target a break to the 21-DMA

The price of a barrel of oil has been inching higher in recent trade, advancing 0.23% on the session from a low of $55.91bbls to a high of $56.18bbls in WTI. However, the moves do not reflect the bigger picture considering the slide from the close proximity of the $59 handle at the end of last month.

The outlook is a mixed one for oil. To start the week, oil prices were buoyed following a rebound in manufacturing activity for China as well as the potential for OPEC and its allies to agree on deeper production cuts ahead of this week's meeting.

WTI

Overview
Today last price	56.15
Today Daily Change	0.10
Today Daily Change %	0.18
Today daily open	56.05

Trends
Daily SMA20	57.24
Daily SMA50	55.67
Daily SMA100	55.84
Daily SMA200	57.64

Levels
Previous Daily High	56.73
Previous Daily Low	55.59
Previous Weekly High	58.72
Previous Weekly Low	55.07
Previous Monthly High	58.76
Previous Monthly Low	54.12
Daily Fibonacci 38.2%	56.29
Daily Fibonacci 61.8%	56.03
Daily Pivot Point S1	55.52
Daily Pivot Point S2	54.98
Daily Pivot Point S3	54.38
Daily Pivot Point R1	56.66
Daily Pivot Point R2	57.26
Daily Pivot Point R3	57.8

Author

FXStreet Team

FXStreet

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