Oil Technical Analysis: Black Gold at its lowest in 6 days as bears break below $52.00 a barrel

Flavio Tosti Independent Analyst

Oil daily chart

Crude oil WTI is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs).

Oil 4-hour chart

WTI broke below the 52.00 figure along with the 50 and 100 SMA suggesting bearish momentum in the medium-term.

Oil 30-minute chart

Oil bears broke the 52.40 support as they are trading below the main SMAs.
If sellers can break below 51.60, WTI can drop towards the 50.80 level.
Resistance to the upside is seen near 52.40 and 53.00 figure.

Additional key levels

WTI

Overview:
    Today Last Price: 51.67
    Today Daily change: -207 points
    Today Daily change %: -3.85%
    Today Daily Open: 53.74
Trends:
    Daily SMA20: 51.24
    Daily SMA50: 50.63
    Daily SMA100: 58.85
    Daily SMA200: 63.75
Levels:
    Previous Daily High: 54.01
    Previous Daily Low: 52.99
    Previous Weekly High: 54.51
    Previous Weekly Low: 51.91
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Daily Fibonacci 38.2%: 53.62
    Daily Fibonacci 61.8%: 53.38
    Daily Pivot Point S1: 53.15
    Daily Pivot Point S2: 52.56
    Daily Pivot Point S3: 52.13
    Daily Pivot Point R1: 54.17
    Daily Pivot Point R2: 54.6
    Daily Pivot Point R3: 55.19

Author

Flavio Tosti

Independent Analyst

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