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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. 
 

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 price29.24
Today Daily Change0.28
Today Daily Change %0.97
Today daily open28.96
 
Trends
Daily SMA2026.81
Daily SMA5040.48
Daily SMA10049.68
Daily SMA20052.84
 
Levels
Previous Daily High30.58
Previous Daily Low27.24
Previous Weekly High30.67
Previous Weekly Low21.01
Previous Monthly High48.74
Previous Monthly Low20.57
Daily Fibonacci 38.2%28.52
Daily Fibonacci 61.8%29.31
Daily Pivot Point S127.27
Daily Pivot Point S225.58
Daily Pivot Point S323.93
Daily Pivot Point R130.62
Daily Pivot Point R232.27
Daily Pivot Point R333.96

Author

Flavio Tosti

Flavio Tosti

Independent Analyst

 

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