Oil Price Analysis: WTI tumbles to $60 a barrel

WTI had a selloff with a very wide range this Wednesday.
The level to beat for sellers is the 59 support.

Flavio Tosti Independent Analyst

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) is strongly rejecting the 65 handle while trading above the main SMAs.

Crude oil four-hour chart

Black gold is having a sharp selloff to $60 a barrel and the 200 SMA on the four-hour chart. As the bears took control the market is more likely to continue to explore lower prices towards 57 and 55.50 price levels. Resistances are seen near 61, 62 and 63 handles.

Additional key levels

WTI

Overview
Today last price	60.14
Today Daily Change	-2.57
Today Daily Change %	-4.10
Today daily open	62.71

Trends
Daily SMA20	60.88
Daily SMA50	58.56
Daily SMA100	57
Daily SMA200	57.91

Levels
Previous Daily High	63.17
Previous Daily Low	62.15
Previous Weekly High	64.11
Previous Weekly Low	60.67
Previous Monthly High	62.38
Previous Monthly Low	55.41
Daily Fibonacci 38.2%	62.54
Daily Fibonacci 61.8%	62.78
Daily Pivot Point S1	62.18
Daily Pivot Point S2	61.66
Daily Pivot Point S3	61.16
Daily Pivot Point R1	63.2
Daily Pivot Point R2	63.7
Daily Pivot Point R3	64.22

Author

Flavio Tosti

Independent Analyst

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