Oil Price Analysis: WTI dips and bounces back near $37.00 per barrel

WTI has corrected down to trade near the 36.00 figure.
The overall risk-on mood is supporting oil prices.

Flavio Tosti Independent Analyst

WTI four-hour chart

WTI is trading just above the 36.00 figure while above the main SMAs on the four-hour chart as the market bias remains tilted to the upside. A potential extension of the move up can lead to a retest of the 38.40 and 40.20 levels in the medium-term. On the flip side, a clear break below the 36.00 support could lead to a deeper retracement down towards the 34.20 level initially.

Additional key levels

WTI

Overview
Today last price	36.91
Today Daily Change	-0.08
Today Daily Change %	-0.22
Today daily open	36.99

Trends
Daily SMA20	30.92
Daily SMA50	26.29
Daily SMA100	36.92
Daily SMA200	47.01

Levels
Previous Daily High	37.17
Previous Daily Low	35.47
Previous Weekly High	35.92
Previous Weekly Low	31.33
Previous Monthly High	35.92
Previous Monthly Low	19.61
Daily Fibonacci 38.2%	36.52
Daily Fibonacci 61.8%	36.12
Daily Pivot Point S1	35.92
Daily Pivot Point S2	34.84
Daily Pivot Point S3	34.21
Daily Pivot Point R1	37.62
Daily Pivot Point R2	38.25
Daily Pivot Point R3	39.32

Author

Flavio Tosti

Independent Analyst

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