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.

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

 

 

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