Oil technical analysis: WTI consolidates losses below $55.00 a barrel


  • WTI is down for the second consecutive day. 
  • The levels to beat for bears is $54.00 a barrel.
 

Oil daily chart

 
WTI (West Texas Intermediate) is trading below $55.00 a barrel and its main daily simple moving averages (SMAs). Oil is down for the second consecutive day as the market rejected the 57.00 level and the 50/200 SMA on Wednesday.

Oil 4-hour chart

 
WTI is consolidating the recent losses between the 54.00 and 55.00 levels. The market is trading below its 100/200 SMA and seems rather weak. A break below 54.00 can lead to 53.00 and 52.00 on the way down. 

Oil 30-minute chart

 
Black gold could find immediate resistance at the 55.00 level as the market is under pressure below its 200 SMA.
 

Additional key levels

WTI

Overview
Today last price 54.5
Today Daily Change -0.43
Today Daily Change % -0.78
Today daily open 54.93
 
Trends
Daily SMA20 55.54
Daily SMA50 56.18
Daily SMA100 58.92
Daily SMA200 56.21
Levels
Previous Daily High 56.84
Previous Daily Low 53.99
Previous Weekly High 55.53
Previous Weekly Low 50.51
Previous Monthly High 60.99
Previous Monthly Low 54.87
Daily Fibonacci 38.2% 55.08
Daily Fibonacci 61.8% 55.75
Daily Pivot Point S1 53.67
Daily Pivot Point S2 52.4
Daily Pivot Point S3 50.82
Daily Pivot Point R1 56.52
Daily Pivot Point R2 58.1
Daily Pivot Point R3 59.37

 

 

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