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

 

 

Share: Feed news

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended content

Editors’ Picks

USD/JPY pops and drops on BoJ's expected hold

USD/JPY pops and drops on BoJ's expected hold

USD/JPY reverses a knee-jerk spike to 142.80 and returns to the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.  

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/USD News
Gold consolidates near record high, bullish potential seems intact

Gold consolidates near record high, bullish potential seems intact

Gold price regained positive traction on Thursday and rallied back closer to the all-time peak touched the previous day in reaction to the Federal Reserve's decision to start the policy easing cycle with an oversized rate cut.

Gold News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures