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


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

 

 

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