Crude Oil WTI Technical Analysis: Are oil bears going all in or is this bearish euphoria?

Flavio Tosti Independent Analyst

Crude oil weekly chart

Crude oil has reached a new 2018 low.
It looks fairly ugly as the bears made heavy damage reversing the prior yearly gains in about 6 weeks.

Crude oil 4-hour chart

The selling is getting climactic signaling that bears might be getting ahead of themselves.
However, the bear trend remains solidly in place.

Crude oil 30-minute chart

Some profit-taking might lift oil towards $57.00 a barrel.
However oil remains very fragile to any bearish incursions which can lead to 55.00 and 54.00 level.

Additional key levels at a glance:

WTI

Overview:
    Last Price: 56.31
    Daily change: -2.6e+2 pips
    Daily change: -4.46%
    Daily Open: 58.94
Trends:
    Daily SMA20: 64.38
    Daily SMA50: 69.02
    Daily SMA100: 68.62
    Daily SMA200: 68.45
Levels:
    Daily High: 59.1
    Daily Low: 58.83
    Weekly High: 63.05
    Weekly Low: 59.24
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 59
    Daily Fibonacci 61.8%: 58.93
    Daily Pivot Point S1: 58.81
    Daily Pivot Point S2: 58.69
    Daily Pivot Point S3: 58.54
    Daily Pivot Point R1: 59.08
    Daily Pivot Point R2: 59.23
    Daily Pivot Point R3: 59.35

Author

Flavio Tosti

Independent Analyst

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