Oil technical analysis: Bulls disregard EIA data as WTI jumps to $62.50 a barrel

Earlier on Wednesday, the EIA (Energy Information Administration. ) Crude Oil Stock Change (May 10) came in at 5.431 vs. -0.800M which was essentially a bearish number for crude, however the market jumped.
The market remains stuck in a tight range after WTI peaked near 66.00 a barrel in April.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is in consolidation mode above its main simple moving averages (SMAs) near $62.00 a barrel.

Oil 4-hour chart

On the 4-hour chart, WTI is ranging below its main SMAs suggesting a potential sideways momentum in the medium term.

Oil 30-minute chart

WTI spiked to 62.50 where it has found some resistance. A break above this level can lead to 63.40 swing high. In the near term a consolidation can lead to 61.90/60 to the downside.

Additional key levels

WTI

Overview
Today last price	62.36
Today Daily Change	0.83
Today Daily Change %	1.35
Today daily open	61.53

Trends
Daily SMA20	63.2
Daily SMA50	61.63
Daily SMA100	57.34
Daily SMA200	60.26

Levels
Previous Daily High	62.27
Previous Daily Low	60.85
Previous Weekly High	63.01
Previous Weekly Low	60.12
Previous Monthly High	66.57
Previous Monthly Low	60.23
Daily Fibonacci 38.2%	61.73
Daily Fibonacci 61.8%	61.39
Daily Pivot Point S1	60.83
Daily Pivot Point S2	60.13
Daily Pivot Point S3	59.41
Daily Pivot Point R1	62.25
Daily Pivot Point R2	62.97
Daily Pivot Point R3	63.67

Author

Flavio Tosti

Independent Analyst

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