Crude Oil Technical Analysis: Black Gold on a bull run as $53.00 a barrel is the level to beat

Flavio Tosti Independent Analyst

Oil daily chart

Crude oil WTI is trading in a bear trend below the 200-period simple moving average (SMA).
Bulls are creating a reversal us as they are testing the 50 SMA.

Oil 4-hour chart

Bulls have regained the main SMAs suggesting bullish momentum in the medium-term.

Oil 30-minute chart

Oil is trading above its main SMAs suggesting strong bullish momentum.
The level to beat for bulls is $53.00 a barrel. A break of the level can lead to 55.65 target in the near future.
Support is seen at 51.50.

Additional key levels

WTI

Overview:
    Today Last Price: 52.5
    Today Daily change: 7.0 pips
    Today Daily change %: 0.134%
    Today Daily Open: 52.43
Trends:
    Previous Daily SMA20: 48.11
    Previous Daily SMA50: 52.05
    Previous Daily SMA100: 61.03
    Previous Daily SMA200: 64.88
Levels:
    Previous Daily High: 52.8
    Previous Daily Low: 49.97
    Previous Weekly High: 49.41
    Previous Weekly Low: 44.52
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 51.72
    Previous Daily Fibonacci 61.8%: 51.05
    Previous Daily Pivot Point S1: 50.67
    Previous Daily Pivot Point S2: 48.9
    Previous Daily Pivot Point S3: 47.84
    Previous Daily Pivot Point R1: 53.5
    Previous Daily Pivot Point R2: 54.56
    Previous Daily Pivot Point R3: 56.33

Author

Flavio Tosti

Independent Analyst

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