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Oil Price Analysis: WTI trades in three-week’s highs near $26.50 a barrel

Oil is well supported after Trump gives hope for a Saudi-Russian deal.
The level to beat for buyers is the 28.00 resistance.

Flavio Tosti Independent Analyst

WTI daily chart

WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.

WTI four-hour chart

WTI is attempting to break from the range of the last weeks while holding above the 24.00 level and the 50/100 SMAs on the four-hour chart as a breakout above the 28.00 handle can introduce scope to further gains towards $32.00 a barrel. Support is seen near the 24.00, 22.00 and 20.00 levels.

Additional key levels

WTI

Overview

Today last price

28.75

Today Daily Change

2.51

Today Daily Change %

9.57

Today daily open

26.24

Trends

Daily SMA20

27.45

Daily SMA50

41.43

Daily SMA100

50.23

Daily SMA200

53.13

Levels

Previous Daily High

29.01

Previous Daily Low

22.57

Previous Weekly High

25.85

Previous Weekly Low

21.19

Previous Monthly High

48.74

Previous Monthly Low

20.57

Daily Fibonacci 38.2%

26.55

Daily Fibonacci 61.8%

25.03

Daily Pivot Point S1

22.87

Daily Pivot Point S2

19.5

Daily Pivot Point S3

16.43

Daily Pivot Point R1

29.31

Daily Pivot Point R2

32.37

Daily Pivot Point R3

35.74

Author

Flavio Tosti

Independent Analyst

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