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Oil Technical Analysis: WTI bears looking at the 53.50 support

Oil daily chart

  • Crude oil WTI is in a bear trend below the 100 and 200-day simple moving averages (SMAs).
  • However, bulls broke above the 54.00 figure and the 50 SMA.

Oil 4-hour chart

  • WTI bulls have reclaimed the main SMAs suggesting bullish momentum in the near-term.

Oil 30-minute chart

  • WTI is set to depreciate below the 54.50 resistance as bears might lead the market to 53.50 support. 

Additional key levels  

WTI

Overview:
    Today Last Price: 54.23
    Today Daily change: 0.12 pips
    Today Daily change %: 0.22%
    Today Daily Open: 54.11
Trends:
    Daily SMA20: 49.2
    Daily SMA50: 50.93
    Daily SMA100: 59.71
    Daily SMA200: 64.11
Levels:
    Previous Daily High: 54.17
    Previous Daily Low: 52.4
    Previous Weekly High: 54.17
    Previous Weekly Low: 50.65
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Daily Fibonacci 38.2%: 53.49
    Daily Fibonacci 61.8%: 53.08
    Daily Pivot Point S1: 52.95
    Daily Pivot Point S2: 51.79
    Daily Pivot Point S3: 51.18
    Daily Pivot Point R1: 54.72
    Daily Pivot Point R2: 55.33
    Daily Pivot Point R3: 56.49

Author

Flavio Tosti

Flavio Tosti

Independent Analyst

 

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