Oil technical analysis: WTI consolidates heavy losses below $57.00 a barrel

Oil is in consolidation mode between the 56.00 and 57.00 level.
The level to beat for bears are seen at 56.00 and $55.00 a barrel.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is consolidating the losses seen last week as it trading below $57.00 a barrel . The market is trading below its main daily simple moving averages (DSMAs).

Oil 4-hour chart

The oil market is trading between the 56.00 and 57.00 level while below the 200 SMA, suggesting an overall bearish bias. A break below 56.00 can lead to 55.00 in the medium term.

Oil 30-minute chart

Oil is trading below its trading below a descending 200 SMA suggesting bearish pressure in the near term. The market could find immediate resistances at 57.00 and 57.40

Additional key levels

WTI

Overview
Today last price	56.36
Today Daily Change	0.13
Today Daily Change %	0.23
Today daily open	56.23

Trends
Daily SMA20	58.19
Daily SMA50	57.41
Daily SMA100	59.43
Daily SMA200	56.96

Levels
Previous Daily High	56.49
Previous Daily Low	55.14
Previous Weekly High	60.98
Previous Weekly Low	54.87
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	55.97
Daily Fibonacci 61.8%	55.66
Daily Pivot Point S1	55.42
Daily Pivot Point S2	54.6
Daily Pivot Point S3	54.07
Daily Pivot Point R1	56.77
Daily Pivot Point R2	57.3
Daily Pivot Point R3	58.12

Author

Flavio Tosti

Independent Analyst

EUR/USD flat lines near 1.1800 as traders brace for US PPI release

The EUR/USD pair trades on a flat note near 1.1800 during the early Asian session on Friday. The pair steadies as softer Eurozone inflation offsets US tariff uncertainties. Traders await the preliminary reading of the Consumer Price Index from Germany on Friday for more clues about the pace of future policy easing. On the US front, the Producer Price Index report will be released.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold awaits acceptance above $5,200 and US PPI data

Gold consolidates previous rebound near $5,200 amid risk-off markets, awaiting US PPI release. The US Dollar eyes a flattish weekly close as dovish Fed outlook and tariff woes outweigh geopolitical risks. Gold yearns for acceptance above $5,200 to resume the uptrend, with a bullish RSI in play.

Top Crypto Gainers: Stable and Decred rally, Pippin approaches record highs

Altcoins, such as Stable, Decred, and Pippin, are extending gains so far this week, defying the risk-averse conditions in the broader cryptocurrency market. Stable and Pippin are near record high levels, while Decred extends its breakout rally above $30.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Bitcoin steadies as traders eye US–Iran talks

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Thursday after a 6.2% relief rally the previous day amid a broader downward trend.