Oil Price Analysis: WTI approaching $60.00 a barrel

WTI is slowly advancing as buyers are defending the 59.00 handle.
The level to beat for bulls is the 60.00 big figure.

Flavio Tosti Independent Analyst

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) is currently trading above $59.00 a barrel and the main daily simple moving averages (DMAs). The market is trading within the range of the last six months.

Crude oil four-hour chart

Black gold is grinding up above its main SMAs on the four-hour chart, suggesting a bullish bias in the medium term. As the underlying trend is bullish, the buyers would likely take a chance on a break above the 60 handle to reach the 61.00 and 62.00 levels on the way up.

Crude oil 30-minute chart

WTI bulls are maintaining the upper hand while the market trades above the main SMAs. Support is seen at the 58.00, 57.00 and 56.00 price levels.

Additional key levels

WTI

Overview
Today last price	59.36
Today Daily Change	0.38
Today Daily Change %	0.64
Today daily open	58.98

Trends
Daily SMA20	57.54
Daily SMA50	55.87
Daily SMA100	55.93
Daily SMA200	57.68

Levels
Previous Daily High	59.32
Previous Daily Low	58.31
Previous Weekly High	59.9
Previous Weekly Low	55.41
Previous Monthly High	58.76
Previous Monthly Low	54.12
Daily Fibonacci 38.2%	58.7
Daily Fibonacci 61.8%	58.93
Daily Pivot Point S1	58.42
Daily Pivot Point S2	57.86
Daily Pivot Point S3	57.41
Daily Pivot Point R1	59.43
Daily Pivot Point R2	59.88
Daily Pivot Point R3	60.44

Author

Flavio Tosti

Independent Analyst

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