Oil Technical Analysis: Black Gold breaks to 2-month’s high flirting with $55.00 a barrel opening the gates to 62.00 target

Oil daily chart
- Crude oil WTI is trading below its 200-day simple moving average.
- The weekly EIA Crude Oil Stocks change this wednesday reported a draw of 0.919 Million barrel against 3 Million expected by analysts, sending black gold to 2-month’s highs.
Oil 4-hour chart
- WTI is trading above its main SMAs suggesting bullish momentum in the medium-term.
Oil 30-minute chart
- While corrective moves down in the short term can be expected, the bulls are in control and WTI could reach $62.00 a barrel in the coming weeks/months.
Additional key levels
WTI
Overview:
Today Last Price: 54.83
Today Daily change: 147 points
Today Daily change %: 2.75%
Today Daily Open: 53.36
Trends:
Daily SMA20: 51.9
Daily SMA50: 50.57
Daily SMA100: 58.47
Daily SMA200: 63.6
Levels:
Previous Daily High: 54.04
Previous Daily Low: 51.96
Previous Weekly High: 54.51
Previous Weekly Low: 51.91
Previous Monthly High: 54.68
Previous Monthly Low: 42.45
Daily Fibonacci 38.2%: 53.25
Daily Fibonacci 61.8%: 52.75
Daily Pivot Point S1: 52.2
Daily Pivot Point S2: 51.04
Daily Pivot Point S3: 50.12
Daily Pivot Point R1: 54.28
Daily Pivot Point R2: 55.2
Daily Pivot Point R3: 56.36
Author

Flavio Tosti
Independent Analyst




















