Crude Oil WTI Technical Analysis: Black Gold stabilizing after the recent carnage and climactic selloff - Bull target at $59.00 a barrel

Flavio Tosti Independent Analyst

Crude oil weekly chart

Crude oil has erased the yearly gains as it plunged below the 58.00 level.

Crude oil 4-hour chart

Oil is trading in a steep bear trend below the 50, 100 and 200-period simple moving average.
The MACD indicator crossed over from below while the RSI and Stochastic are rising but still below the 50 line.
Oil is far away from its 50 SMA. All suggesting potential oversold condition.

Crude oil 30-minute chart

Bulls are trying to break above $57.00 a barrel. They tried to do so on Wednesday and this Thursday.
The 50 and 100 SMA are supporting the market.
A successful break would most likely lead to a strong bullish recovery to 59.00.

Additional key levels at a glance:

WTI

Overview:
    Last Price: 56.47
    Daily change: 59 pips
    Daily change: 1.06%
    Daily Open: 55.88
Trends:
    Daily SMA20: 63.01
    Daily SMA50: 68.5
    Daily SMA100: 68.37
    Daily SMA200: 68.35
Levels:
    Daily High: 56.06
    Daily Low: 55.81
    Weekly High: 63.05
    Weekly Low: 59.24
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 55.91
    Daily Fibonacci 61.8%: 55.96
    Daily Pivot Point S1: 55.77
    Daily Pivot Point S2: 55.67
    Daily Pivot Point S3: 55.52
    Daily Pivot Point R1: 56.02
    Daily Pivot Point R2: 56.17
    Daily Pivot Point R3: 56.27

Author

Flavio Tosti

Independent Analyst

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