Crude Oil WTI Technical Analysis: Bullish recovery remains intact as bulls support the market at $56.00 a barrel


Crude oil weekly chart

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

Crude oil 4-hour chart

  • Crude oil gave back most of its intraday gains this Friday as it tested the 58.00 level. 
  • However, giving the recent bullish momentum, it is likely that bulls will give another try at breaking above 58.00 before a break to a new 2018 low. 

Crude oil 30-minute chart

  • Crude oil is evolving in a bull channel supported by the 100-period simple moving average. 

 

Additional key levels at a glance:

WTI

Overview:
    Last Price: 56.73
    Daily change: 28 pips
    Daily change: 0.496%
    Daily Open: 56.45
Trends:
    Daily SMA20: 62.52
    Daily SMA50: 68.23
    Daily SMA100: 68.26
    Daily SMA200: 68.31
Levels:
    Daily High: 56.56
    Daily Low: 56.45
    Weekly High: 63.05
    Weekly Low: 59.24
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 56.49
    Daily Fibonacci 61.8%: 56.52
    Daily Pivot Point S1: 56.41
    Daily Pivot Point S2: 56.38
    Daily Pivot Point S3: 56.3
    Daily Pivot Point R1: 56.52
    Daily Pivot Point R2: 56.6
    Daily Pivot Point R3: 56.63

 

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