Crude Oil Price News and Forecast: WTI looks for firm direction above 200-day SMA amid trade optimism, strong USD


WTI Price Analysis: 50-day SMA guards immediate upside

WTI trades around $58.50 during the early Friday. In doing so, the oil benchmark fails to cross 50-day SMA despite taking a U-turn from 200-day SMA, also trading successfully beyond 50% Fibonacci retracement of the October-January upside.

Hence, traders will keep eyes on the black gold’s momentum either during its rise beyond a 50-day SMA level of $59.00 or on the downside break of 200-day SMA surrounding $57.70.

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WTI looks for firm direction above 200-day SMA amid trade optimism, strong USD

WTI buyers catch a breath after registering the largest gains in two weeks. The black gold trades near $58.60 by the press time of Friday’s Asian session. Strong USD, receding geopolitical tension and increasing buffer at OPEC keep sellers hopeful.

After the years of trouble, the US and China recently signed the phase-one deal and are also discussing the phase-two of its. Additionally, the US, Mexico and Canada also agreed on the trade terms and the US Senate passed the bill governing the same on Thursday.

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WTI

Overview
Today last price 58.5
Today Daily Change -0.09
Today Daily Change % -0.15
Today daily open 58.59
 
Trends
Daily SMA20 60.61
Daily SMA50 58.98
Daily SMA100 57.25
Daily SMA200 57.76
 
Levels
Previous Daily High 58.87
Previous Daily Low 57.57
Previous Weekly High 65.67
Previous Weekly Low 58.69
Previous Monthly High 62.38
Previous Monthly Low 55.41
Daily Fibonacci 38.2% 58.37
Daily Fibonacci 61.8% 58.07
Daily Pivot Point S1 57.82
Daily Pivot Point S2 57.04
Daily Pivot Point S3 56.52
Daily Pivot Point R1 59.12
Daily Pivot Point R2 59.64
Daily Pivot Point R3 60.42

 

 

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