Oil Technical Analysis: Black Gold takes a plunge down and exceeds the 53.50 bear target

Flavio Tosti Independent Analyst

Oil daily chart

Crude oil WTI is in a bear trend below the 100 and 200-day simple moving averages (SMAs).
As forecast, WTI declined as the 53.50 target was hit and exceeded.

Oil 4-hour chart

WTI bears are testing the 50 SMA.

Oil 30-minute chart

Bears smashed through many support levels and the main SMAs.
The next objective for sellers is to attack the 52.00 and 51.50 levels.
The main resistance is seen at the 53.00 figure.

Additional key levels

WTI

Overview:
    Today Last Price: 52.27
    Today Daily change: -1.96 pips
    Today Daily change %: -3.61%
    Today Daily Open: 54.23
Trends:
    Daily SMA20: 49.63
    Daily SMA50: 50.88
    Daily SMA100: 59.56
    Daily SMA200: 64.03
Levels:
    Previous Daily High: 54.51
    Previous Daily Low: 53.6
    Previous Weekly High: 54.17
    Previous Weekly Low: 50.65
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Daily Fibonacci 38.2%: 54.16
    Daily Fibonacci 61.8%: 53.95
    Daily Pivot Point S1: 53.72
    Daily Pivot Point S2: 53.2
    Daily Pivot Point S3: 52.81
    Daily Pivot Point R1: 54.63
    Daily Pivot Point R2: 55.02
    Daily Pivot Point R3: 55.54

Author

Flavio Tosti

Independent Analyst

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