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

Flavio Tosti Independent Analyst

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

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