Oil technical analysis: WTI diving to daily lows near $61.00 a barrel

West Texas Intermediate barrel price is falling down to its near-61.00 daily lows
Oil short-term bearish momentum is gathering, targets located at 60.25 and 58.50

Flavio Tosti Independent Analyst

Oil daily chart

WTI is trading in a bull trend above its main simple moving averages (SMAs). The market is consolidating Monday’s gains.

Oil 4-hour chart

WTI is trading below its main SMAs as the market is correcting the bull breakout seen on Monday.

Oil 30-minute chart

WTI is trading below its main SMAs suggesting bearish momentum in the short-term. Supports to the downside can be seen at 61.00 and 60.25. A break below 60.25 can lead to 58.50 support. Immediate resistance is at 61.80 and 62.60 level.

Additional key levels

WTI

Overview
Today last price	61.35
Today Daily Change	-1.23
Today Daily Change %	-1.97
Today daily open	62.58

Trends
Daily SMA20	63.96
Daily SMA50	61.03
Daily SMA100	56.42
Daily SMA200	60.45

Levels
Previous Daily High	63.01
Previous Daily Low	60.12
Previous Weekly High	64.78
Previous Weekly Low	61.01
Previous Monthly High	66.57
Previous Monthly Low	60.23
Daily Fibonacci 38.2%	61.91
Daily Fibonacci 61.8%	61.22
Daily Pivot Point S1	60.8
Daily Pivot Point S2	59.01
Daily Pivot Point S3	57.91
Daily Pivot Point R1	63.69
Daily Pivot Point R2	64.79
Daily Pivot Point R3	66.58

Author

Flavio Tosti

Independent Analyst

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