Oil technical analysis: WTI consolidates gains after the overnight spike

The overnight spike up seems to be running out of steam.
A consolidation below 53.60 and the 200 SMA is taking place.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is trading in a bear trend below its main simple moving averages (SMAs).

Oil 4-hour chart

The market is testing $53.00 a barrel and the 50 SMA.

Oil 30-minute chart

The market spiked up to 53.60 and is now consolidating the gains below the 200 SMA. Support is at 52.40 and 52.00 figure. The level to beat for bulls is 53.60 in order to get to 54.20 and 54.80.

Additional key levels

WTI

Overview
Today last price	53.14
Today Daily Change	1.85
Today Daily Change %	3.61
Today daily open	51.29

Trends
Daily SMA20	57.06
Daily SMA50	60.85
Daily SMA100	58.82
Daily SMA200	59.01

Levels
Previous Daily High	53.27
Previous Daily Low	50.94
Previous Weekly High	54.68
Previous Weekly Low	50.72
Previous Monthly High	63.97
Previous Monthly Low	53.13
Daily Fibonacci 38.2%	51.83
Daily Fibonacci 61.8%	52.38
Daily Pivot Point S1	50.4
Daily Pivot Point S2	49.5
Daily Pivot Point S3	48.07
Daily Pivot Point R1	52.73
Daily Pivot Point R2	54.16
Daily Pivot Point R3	55.06

Author

Flavio Tosti

Independent Analyst

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