Oil Technical Analysis: WTI challenges weekly highs near $58.00 a barrel


  • After ranging throughout the week, crude oil is accelerating towards the 58.00 handle.
  • The level to beat for bulls is the 58.00 resistance.

 Crude oil daily chart

 
 
The crude oil West Texas Intermediate (WTI) is currently holding above $57.00 a barrel and the 200-day simple moving average (DMA). The market has been trading sideways throughout the first half of November. 
 

Crude oil four-hour chart

 
 
WTI is trading above the main SMAs, keeping the bullish bias intact while above the 56.00 support level. Buyers are likely looking for a daily breakout above the 58.00 level to potentially drive WTI towards the 59.00 and 60.00 price levels.
 

Crude oil 30-minute chart

 
 
The market is challenging the weekly highs and the 58.00 figure while currently above the main SMAs. Support is seen at the 57.50 level followed by 57.00 and the 56.40 levels.
 
 

Additional key levels

WTI

Overview
Today last price 57.94
Today Daily Change 0.95
Today Daily Change % 1.67
Today daily open 56.99
 
Trends
Daily SMA20 56.03
Daily SMA50 55.76
Daily SMA100 55.99
Daily SMA200 57.52
 
Levels
Previous Daily High 57.87
Previous Daily Low 56.72
Previous Weekly High 57.93
Previous Weekly Low 55.84
Previous Monthly High 56.97
Previous Monthly Low 51.19
Daily Fibonacci 38.2% 57.16
Daily Fibonacci 61.8% 57.43
Daily Pivot Point S1 56.52
Daily Pivot Point S2 56.04
Daily Pivot Point S3 55.37
Daily Pivot Point R1 57.67
Daily Pivot Point R2 58.34
Daily Pivot Point R3 58.82

 

 

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

GBP/USD consolidates losses below 1.3150 amid a tighter election poll

GBP/USD is trading below 1.3150, consolidating its losses after YouGov's MRP poll showed a tighter Conservative majority ahead of the UK elections on Thursday. Trade headlines and the Fed decision are also awaited.

GBP/USD News

EUR/USD remains pressured below 1.11 amid trade uncertainty, ahead of the Fed

EUR/USD is trading below 1.11, consolidating its gains. Uncertainty about the planned US tariffs on China looms and tension is mounting ahead of US inflation and the all-important Fed decision.

EUR/USD News

Forex Today: Boris gets a blow from big poll, tariff threat looms, focus on the Fed

President Donald Trump has yet to decide on the December 15 tariffs, according to the Wall Street Journal. On the other hand, the paper says that negotiators are laying the groundwork for a deal.

Read more

Gold stalls two-day winning streak on the Fed day, trade jitters continue

Gold prices register a mild loss of -0.05% while hovering below $ 1465 on Wednesday. The yellow metal seems to have lacked buying interest ahead of the key monetary policy meeting by the US Federal Reserve (Fed).

Gold News

USD/JPY: 200-hour EMA questions immediate rising trend-channel

USD/JPY recently took a U-turn from 200-hour Exponential Moving Average (EMA). Even so, it stays well within the two-day-old rising trend-channel formation. The pair trades around 108.75 at the press time on Wednesday.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures