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 bouncing modestly on disappointing US Consumer Confidence

The shared currency remains pressured by the idea that the ECB will come out with massive stimulus measures in September. US Michigan Consumer Confidence down to 92.1 brakes dollar's gains.


GBP/USD retreats sharply after approaching 1.2200

The GBP/USD pair came under selling pressure after flirting with weekly highs, as a dismal US confidence report brought back risk-off. GBP/USD still up for the week and above the critical 1.2100 level.


USD/JPY: Greenback makes modest progress against Yen, near 106.30

The demand for Yen as a safe-haven currency has been weak in the last three days. The levels to beat for bulls are at the 106.30 and 106.55 resistances.


Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more