Oil Price Analysis: WTI taking a breather below $30.00 a barrel

WTI is consolidating last week’s advance while trading below the 30.00 mark.
Support can emerge near 24.00 and 22.00 levels.

Flavio Tosti Independent Analyst

WTI daily chart

WTI consolidates last week’s advance as WTI is weighing the Trump tweet suggesting that a Saudi-Russian deal has been concluded.

WTI four-hour chart

After regaining some strength last week, WTI is consolidating the advance below 30.00 resistance. As the main trend remains bearish, WTI could lose steam as bears eye the 24.00, 22.00 and 20.00 price levels while the main resistance is the 30.00 handle.

Additional key levels

WTI

Overview
Today last price	29.24
Today Daily Change	0.28
Today Daily Change %	0.97
Today daily open	28.96

Trends
Daily SMA20	26.81
Daily SMA50	40.48
Daily SMA100	49.68
Daily SMA200	52.84

Levels
Previous Daily High	30.58
Previous Daily Low	27.24
Previous Weekly High	30.67
Previous Weekly Low	21.01
Previous Monthly High	48.74
Previous Monthly Low	20.57
Daily Fibonacci 38.2%	28.52
Daily Fibonacci 61.8%	29.31
Daily Pivot Point S1	27.27
Daily Pivot Point S2	25.58
Daily Pivot Point S3	23.93
Daily Pivot Point R1	30.62
Daily Pivot Point R2	32.27
Daily Pivot Point R3	33.96

Author

Flavio Tosti

Independent Analyst

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