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

 

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