Oil Technical Analysis: WTI correcting Friday’s drop near $56.00 a barrel

WTI consolidates Friday’s losses near $56.00 a barrel.
The level to beat for bears is the 56.00 handle.

Flavio Tosti Independent Analyst

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) is currently trading near $56.00 a barrel and the 50/100 DMAs consolidating Friday’s drop.

Crude oil four-hour chart

WTI is correcting the bear breakout below the 200 SMA on the four-hour chart. The market seems vulnerable to the downside. However, more consolidation might be on the cards in the medium term.

Crude oil 30-minute chart

The is trading below its main SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 56.40 level and the 57.00 handle. Sellers are likely looking for a daily close below the 56.00 level to drive the price south towards the 54.50 level.

Additional key levels

WTI

Overview
Today last price	56.08
Today Daily Change	0.56
Today Daily Change %	1.01
Today daily open	55.52

Trends
Daily SMA20	57.26
Daily SMA50	55.72
Daily SMA100	55.88
Daily SMA200	57.64

Levels
Previous Daily High	58.25
Previous Daily Low	55.07
Previous Weekly High	58.72
Previous Weekly Low	55.07
Previous Monthly High	58.76
Previous Monthly Low	54.12
Daily Fibonacci 38.2%	56.28
Daily Fibonacci 61.8%	57.04
Daily Pivot Point S1	54.31
Daily Pivot Point S2	53.1
Daily Pivot Point S3	51.13
Daily Pivot Point R1	57.49
Daily Pivot Point R2	59.46
Daily Pivot Point R3	60.67

Author

Flavio Tosti

Independent Analyst

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