Oil Price Analysis: WTI advance limited near $28.00 per barrel

Oil consolidates last week’s gains while trading below the 28.00 handle.
Support is seen near 24.00 and 22.00 levels.

Flavio Tosti Independent Analyst

WTI daily chart

WTI is consolidating the advanced it made in the last three sessions as the market is digesting the Trump tweet suggesting that a Saudi-Russian deal has been made.

WTI four-hour chart

After regaining some poise last week, crude oil is consolidating the gains below 28.00 resistance. In the absence of a break above this level, WTI is set to resume the bear trend as the market is trading below the 200 SMA on the four-hour chart but above the 50 and 100 ones. Support can be seen near 24.00 and 22.00 levels on the way down.

Additional key levels

WTI

Overview
Today last price	29.07
Today Daily Change	-1.51
Today Daily Change %	-4.94
Today daily open	30.58

Trends
Daily SMA20	26.89
Daily SMA50	40.96
Daily SMA100	49.96
Daily SMA200	52.99

Levels
Previous Daily High	30.67
Previous Daily Low	25.39
Previous Weekly High	30.67
Previous Weekly Low	21.01
Previous Monthly High	48.74
Previous Monthly Low	20.57
Daily Fibonacci 38.2%	28.65
Daily Fibonacci 61.8%	27.41
Daily Pivot Point S1	27.09
Daily Pivot Point S2	23.6
Daily Pivot Point S3	21.82
Daily Pivot Point R1	32.37
Daily Pivot Point R2	34.16
Daily Pivot Point R3	37.65

Author

Flavio Tosti

Independent Analyst

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