Oil technical analysis: WTI sees the worst intraday selloff since December 2018

Flavio Tosti Independent Analyst

Oil daily chart

On the daily chart, WTI (West Texas Intermediate) is currently having the worst daily decline since December 2018. Bears broke below 58.00 a barrel along with the 200 and 100 simple moving averages (SMAs).

Oil 4-hour chart

WTI is trading below its main SMAs suggesting bearish momentum in the medium term. The market already reached the 58.00 level. Further down lies 56.50 support and the 55.00 figure.

Oil 30-minute chart

Immediate resistances are seen at 58.00, 59.00 and the 59.50 levels.

Additional key levels

WTI

Overview
Today last price	57.78
Today Daily Change	-3.56
Today Daily Change %	-5.80
Today daily open	61.34

Trends
Daily SMA20	62.53
Daily SMA50	62.31
Daily SMA100	58.33
Daily SMA200	60.05

Levels
Previous Daily High	63.02
Previous Daily Low	61.05
Previous Weekly High	63.83
Previous Weekly Low	60.79
Previous Monthly High	66.57
Previous Monthly Low	60.23
Daily Fibonacci 38.2%	61.8
Daily Fibonacci 61.8%	62.27
Daily Pivot Point S1	60.59
Daily Pivot Point S2	59.83
Daily Pivot Point S3	58.62
Daily Pivot Point R1	62.56
Daily Pivot Point R2	63.77
Daily Pivot Point R3	64.53

Author

Flavio Tosti

Independent Analyst

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, rises above $5,400

Gold benefits from intense risk-aversion on Monday and climbs above $5,400, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.