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

 

 

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