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.

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


Today last price 62.36
Today Daily Change 0.83
Today Daily Change % 1.35
Today daily open 61.53
Daily SMA20 63.2
Daily SMA50 61.63
Daily SMA100 57.34
Daily SMA200 60.26
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rises above 1.1200 amid some USD weakness

EUR/USD is trading above 1.1200, recovering some of the losses. Earlier, ECB officials expressed concern about global growth President Draghi speaks later. Tension is rising toward the Fed decision.


GBP/USD pressured below 1.2600, Conservative contest in focus

GBP/USD is trading below 1.2600, consolidating the losses seen on Friday after US retail sales beat expectations. The Conservative contest is heating up ahead of tomorrow's second vote.


USD/JPY: wait-and-see continues ahead of Fed

The dollar consolidates its gains against most rival, and scarce data exacerbates the quietness. USD/JPY bullish above 108.90, bearish below 108.10.


Gold recovers early lost ground, back above $1240 level

Gold recovered a major part of its early slide and moved to the top end of its daily trading range, above the $1340 region post-US data.

Gold News

Gold: Signs of bullish exhaustion ahead of the Fed

Gold's rally seems to have run its course with signs of bullish exhaustion emerging on technical charts ahead of Wednesday's FOMC (Federal Open Market Committee) rate decision.

Read more