Oil technical analysis: The downside prevails below $64.00 a barrel

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is in consolidation mode below $64.00 a barrel.

Oil 4-hour chart

On the 4-hour chart, WTI is trading between the 200 and the 100 simple moving averages (SMAs) suggesting a potential correction down in the near term.

Oil 30-minute chart

WTI is trading below the 63.00 figure and the 50/100 SMAs suggesting further down move. Bears will need to overcome 62.70 and 62.50 support to travel to 61.05 support. Resistances are seen at 63.40 and 63.80 levels. A bullish break above 64.00 might invalidate the bearish bias.

Additional key levels

WTI

Overview
Today last price	62.88
Today Daily Change	-0.43
Today Daily Change %	-0.68
Today daily open	63.31

Trends
Daily SMA20	63.09
Daily SMA50	61.88
Daily SMA100	57.67
Daily SMA200	60.2

Levels
Previous Daily High	63.68
Previous Daily Low	62.32
Previous Weekly High	63.01
Previous Weekly Low	60.12
Previous Monthly High	66.57
Previous Monthly Low	60.23
Daily Fibonacci 38.2%	63.16
Daily Fibonacci 61.8%	62.84
Daily Pivot Point S1	62.53
Daily Pivot Point S2	61.74
Daily Pivot Point S3	61.17
Daily Pivot Point R1	63.89
Daily Pivot Point R2	64.46
Daily Pivot Point R3	65.25

Author

Flavio Tosti

Independent Analyst

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