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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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