Crude Oil WTI Technical Analysis: Black Gold turning into Red Gold as WTI falls below $60.00 a barrel and collapses 22% in a month


  • Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart as the barrel of oil is having the longest losing streak since 1984.
  • Bears assaulted the commodity one more time and brought WTI below $60.00 this Friday. While WTI is oversold small pullbacks up can be expected however the trend remains firmly bearish. 
  • Targets to the downside can be seen near 58.07 and 57.00 figure. 

Crude oil WTI 4-hour chart


Main Trend:              Bearish

Resistance 1:           61.00 figure 
Resistance 2:           61.81 April 6 low
Resistance 3:           63.00 figure
Resistance 4:           63.59 June 18 low
Resistance 5:           64.00 figure

Support 1:             59.95 March 8 low
Support 2:             58.07 February 9 low
Support 3:             57.00 figure
Support 4:             55.82 December 7, 2017


Additional key levels at a glance:

WTI

Overview:
    Last Price: 59.88
    Daily change: -82 pips
    Daily change: -1.35%
    Daily Open: 60.7
Trends:
    Daily SMA20: 65.81
    Daily SMA50: 69.59
    Daily SMA100: 68.87
    Daily SMA200: 68.52
Levels:
    Daily High: 60.76
    Daily Low: 60.66
    Weekly High: 67.73
    Weekly Low: 62.61
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 60.7
    Daily Fibonacci 61.8%: 60.72
    Daily Pivot Point S1: 60.65
    Daily Pivot Point S2: 60.61
    Daily Pivot Point S3: 60.55
    Daily Pivot Point R1: 60.75
    Daily Pivot Point R2: 60.81
    Daily Pivot Point R3: 60.85

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hits two-week highs near 1.11 amid trade hopes

EUR/USD is rising toward 1.11, trading at the highest since November 5. Hopes that a US-Sino trade deal may be reached are improving the market mood and weighing on the safe-haven dollar. 

EUR/USD News

GBP/USD reverses and hits fresh lows near 1.2910

The GBP/USD pair dropped from the highest level since Monday at 1.2969 to 1.2912, slightly above Asian session lows. The reversal took place amid a stronger US dollar across the board.

GBP/USD News

USD/JPY bounces-off 50-DMA but lacks follow-through

USD/JPY has bounced up from the 50-day MA support of 108.28. China's Vice Premier Liu He is cautiously optimistic about the prospects of the US-China trade deal. Related markets, however, are not buying Liu He's optimism, keeping the recovery in check. 

USD/JPY News

Gold: Remains vulnerable below 100-day SMA

Gold seems to have stalled its recent corrective bounce from three-month lows and witnessed a modest pullback from previous support, now turned resistance near 100-day SMA.

Gold News

Slow-motion Bitcoin battering continues amid interesting Tron chart, Pomp's PayPal comment

Bitcoin plunges below $8,00, dragging cryptos down. Thursday's trading is marked by a sea of red, without a single downward driver, but with an accumulation of downbeat developments. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures