TRENDING:

GBP/USD

XAU/USD

Oil technical analysis: WTI confined below $57.00 a barrel in the New York session

WTI extends the consolidation theme between $56.00 a barrel and 57.00 resistance.
The levels to beat for bears are seen at 56.00 and 55.00 figure.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is consolidating below $57.00 a barrel for the 8th consecutive day as the market is below its main daily simple moving averages (DSMAs).

Oil 4-hour chart

WTI found resistance at the 57.00 mark and the 200 SMA keeping the consolidation theme intact for now.

Oil 30-minute chart

Earlier in the New York session, the market attempted to reach the 57.00 level but the market seems reluctant to break above this level just yet. The market is currently balanced between the 56.00 and 57.00 levels. However, bears would need a break below 56.00 to reach 55.00 on the way down.

Additional key levels

WTI

Overview
Today last price	56.51
Today Daily Change	0.32
Today Daily Change %	0.57
Today daily open	56.19

Trends
Daily SMA20	57.61
Daily SMA50	56.82
Daily SMA100	59.42
Daily SMA200	56.7

Levels
Previous Daily High	56.61
Previous Daily Low	55.73
Previous Weekly High	57.66
Previous Weekly Low	55.36
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	56.27
Daily Fibonacci 61.8%	56.07
Daily Pivot Point S1	55.74
Daily Pivot Point S2	55.3
Daily Pivot Point S3	54.86
Daily Pivot Point R1	56.62
Daily Pivot Point R2	57.06
Daily Pivot Point R3	57.5

Author

Flavio Tosti

Independent Analyst

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD moves sideways below 1.1800 on Christmas Eve

EUR/USD struggles to find direction and trades in a narrow channel below 1.1800 after posting gains for two consecutive days. Bond and stock markets in the US will open at the usual time and close early on Christmas Eve, allowing the trading action to remain subdued.

GBP/USD keeps range around 1.3500 amid quiet markets

GBP/USD keeps its range trade intact at around 1.3500 on Wednesday. The Pound Sterling holds the upper hand over the US Dollar amid pre-Christmas light trading as traders move to the sidelines heading into the holiday season.

Gold retreats from record highs, trades below $4,500

Gold retreats after setting a new record-high above $4,520 earlier in the day and trades in a tight range below $4,500 as trading volumes thin out ahead of the Christmas break. The US Dollar selling bias remains unabated on the back of dovish Fed expectations, which continues to act as a tailwind for the bullion amid persistent geopolitical risks.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.