Oil Price Analysis: WTI vulnerable below $60 a barrel

WTI had a strong selloff yesterday (Wednesday).
The level to beat for bears is the 59 support.

Flavio Tosti Independent Analyst

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) rejected the 65 handle while maintaining above the main SMAs. Thursday was a consolidation day and is about to end within Wednesday’s range.

Crude oil four-hour chart

Black gold is consolidating the sharp selloff to $59 a barrel and the 200 SMA on the four-hour chart. As the bears are keeping the pressure on, the market is more likely to continue to drift lower towards 57 and 55.50 price levels. However, a consolidation in the 61/59 range is not to be ruled out. Resistances are seen near 61, 62 and 63 handles.

Additional key levels

WTI

Overview
Today last price	59.64
Today Daily Change	-0.37
Today Daily Change %	-0.62
Today daily open	60.01

Trends
Daily SMA20	60.93
Daily SMA50	58.64
Daily SMA100	57.04
Daily SMA200	57.9

Levels
Previous Daily High	65.67
Previous Daily Low	59.17
Previous Weekly High	64.11
Previous Weekly Low	60.67
Previous Monthly High	62.38
Previous Monthly Low	55.41
Daily Fibonacci 38.2%	61.65
Daily Fibonacci 61.8%	63.19
Daily Pivot Point S1	57.56
Daily Pivot Point S2	55.12
Daily Pivot Point S3	51.06
Daily Pivot Point R1	64.06
Daily Pivot Point R2	68.12
Daily Pivot Point R3	70.56

Author

Flavio Tosti

Independent Analyst

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