Oil Technical Analysis: Black Gold trades at its highest since the start of the year

Flavio Tosti Independent Analyst

Oil daily chart

Crude oil WTI is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs).
Bulls broke above 52.00 figure and the 50 SMA.

Oil 4-hour chart

WTI is challenging the 54.00 figure as bulls are trading at the highest point since the start of 2019.

Oil 30-minute chart

If bulls break above 54.40 a continuation up to 56.00 figure is likely on the cards.
On the flip side, if bears keep the market below 54.40 then investors can expect a pullback down to 53.00 figure.

Additional key levels

WTI

Overview:
    Today Last Price: 53.92
    Today Daily change: 142 pips
    Today Daily change %: 2.70%
    Today Daily Open: 52.5
Trends:
    Daily SMA20: 48.8
    Daily SMA50: 50.96
    Daily SMA100: 59.86
    Daily SMA200: 64.2
Levels:
    Previous Daily High: 52.89
    Previous Daily Low: 51.29
    Previous Weekly High: 53.57
    Previous Weekly Low: 48.33
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Daily Fibonacci 38.2%: 51.9
    Daily Fibonacci 61.8%: 52.28
    Daily Pivot Point S1: 51.56
    Daily Pivot Point S2: 50.63
    Daily Pivot Point S3: 49.96
    Daily Pivot Point R1: 53.16
    Daily Pivot Point R2: 53.83
    Daily Pivot Point R3: 54.76

Author

Flavio Tosti

Independent Analyst

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