Oil technical analysis: WTI collapses below $55 barrel as Trump adds fuel to the trade war fire


  • WTI is impacted hard as Trump plans to impose more tariffs on China. 
  • The levels to beat for bears are seen at 54.00 and $53.00 a barrel.
 

Oil daily chart

 
WTI (West Texas Intermediate) is down almost $4 this Thursday trading below its main daily simple moving averages (DSMA) as US President Trump plan to impose additional 10% tariff on remaining $300 bln of Chinese imports to US starting Sept 1.
 

Oil 30-minute chart

 
WTI is slicing through many layers of supports as the sellers are being relentless. The next potential supports to watch for can be located at the 54.00 and 53.00 level. 
 
 

Additional key levels

WTI

Overview
Today last price 54.32
Today Daily Change -3.59
Today Daily Change % -6.20
Today daily open 57.91
 
Trends
Daily SMA20 57.63
Daily SMA50 56.54
Daily SMA100 59.42
Daily SMA200 56.57
Levels
Previous Daily High 58.84
Previous Daily Low 57.83
Previous Weekly High 57.66
Previous Weekly Low 55.36
Previous Monthly High 60.99
Previous Monthly Low 54.87
Daily Fibonacci 38.2% 58.22
Daily Fibonacci 61.8% 58.45
Daily Pivot Point S1 57.55
Daily Pivot Point S2 57.18
Daily Pivot Point S3 56.54
Daily Pivot Point R1 58.56
Daily Pivot Point R2 59.2
Daily Pivot Point R3 59.57

 

 

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