Crude Oil WTI Technical Analysis: Black Gold continues its descent as bearish EIA data sends WTI to $61.00 a barrel

Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart.
In reaction to the EIA data, oil lost almost $1 in a few minutes. Oil inventories rose to 5.7M versus 2.43M in the week to November 2 which was seen as very bearish by the market.
Oil is now continuing its descent reaching the 61.00 figure. While some consolidation up towards 62.00 can take place the momentum remains clearly to the downside.

Flavio Tosti Independent Analyst

Crude oil WTI 4-hour chart

Main Trend: Bearish

Resistance 1: 61.81 April 6 low
Resistance 2: 63.00 figure
Resistance 3: 63.59 June 18 low
Resistance 4: 64.00 figure

Support 1: 61.00 figure
Support 2: 59.95 March 8 low
Support 3: 58.07 February 9 low
Support 4: 55.82 December 7, 2017

Additional key levels at a glance:

GBP/USD

Overview:
    Last Price: 1.3134
    Daily change: 37 pips
    Daily change: 0.283%
    Daily Open: 1.3097
Trends:
    Daily SMA20: 1.2998
    Daily SMA50: 1.3029
    Daily SMA100: 1.3039
    Daily SMA200: 1.3419
Levels:
    Daily High: 1.31
    Daily Low: 1.3021
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.307
    Daily Fibonacci 61.8%: 1.3051
    Daily Pivot Point S1: 1.3045
    Daily Pivot Point S2: 1.2993
    Daily Pivot Point S3: 1.2966
    Daily Pivot Point R1: 1.3125
    Daily Pivot Point R2: 1.3152
    Daily Pivot Point R3: 1.3204

Author

Flavio Tosti

Independent Analyst

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