Oil Technical Analysis: Black Gold bears are back for a drop to $50.00 a barrel

Flavio Tosti Independent Analyst

Oil daily chart

Crude oil WTI is trading in a bear trend below the 200-period simple moving average (SMA).
Bulls are testing the 50 SMA.

Oil 4-hour chart

Bulls have regained the main SMAs suggesting bullish momentum in the medium-term.

Gold 30-minute chart

As forecast 51.50 is acting as support.
A break below the level can lead to a breakdown to $50.00 a barrel in the coming sessions.

Additional key levels

WTI

Overview:
    Today Last Price: 52.02
    Today Daily change: -54 pips
    Today Daily change %: -1.03%
    Today Daily Open: 52.56
Trends:
    Previous Daily SMA20: 48.14
    Previous Daily SMA50: 51.86
    Previous Daily SMA100: 60.88
    Previous Daily SMA200: 64.79
Levels:
    Previous Daily High: 53.03
    Previous Daily Low: 51.66
    Previous Weekly High: 49.41
    Previous Weekly Low: 44.52
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 52.51
    Previous Daily Fibonacci 61.8%: 52.18
    Previous Daily Pivot Point S1: 51.8
    Previous Daily Pivot Point S2: 51.05
    Previous Daily Pivot Point S3: 50.43
    Previous Daily Pivot Point R1: 53.17
    Previous Daily Pivot Point R2: 53.79
    Previous Daily Pivot Point R3: 54.54

Author

Flavio Tosti

Independent Analyst

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