Oil Technical Analysis: Black Gold bulls at the $50.00 gate

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 attempting to create a reversal up since late December.

Oil 4-hour chart

A break above $50.00 and the 200 SMA would be significant and might lead to higher prices in coming weeks.

Oil 30-minute chart

At the time of writing the 50.00 figure seems to be a brick wall and it remains to be seen if bulls have what it takes this week to break above it.
To the downside, support can be seen near the 49.00, 48.00 and 47.00 figures.

Additional key levels

WTI

Overview:
    Today Last Price: 49.56
    Today Daily change: 1.3e+2 pips
    Today Daily change %: 2.74%
    Today Daily Open: 48.24
Trends:
    Previous Daily SMA20: 48.31
    Previous Daily SMA50: 52.79
    Previous Daily SMA100: 61.56
    Previous Daily SMA200: 65.19
Levels:
    Previous Daily High: 49.41
    Previous Daily Low: 46.84
    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%: 48.43
    Previous Daily Fibonacci 61.8%: 47.82
    Previous Daily Pivot Point S1: 46.92
    Previous Daily Pivot Point S2: 45.59
    Previous Daily Pivot Point S3: 44.35
    Previous Daily Pivot Point R1: 49.49
    Previous Daily Pivot Point R2: 50.73
    Previous Daily Pivot Point R3: 52.06

Author

Flavio Tosti

Independent Analyst

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