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

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

 

 

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