Oil technical analysis: WTI drops to 2-day lows as Kuwait and Saudi Arabia plan to resume production

WTI rejects 57.40 resistance as Kuwait and Saudi Arabia plan to resume production.
The levels to beat for bears are at 55.00 and $54.00 a barrel.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is trading below its main daily simple moving averages (DSMAs) suggesting a bearish bias. Crude oil falls sharply as Kuwait and Saudi Arabia look to resume production in Neutral Zone.

Oil 4-hour chart

WTI is trading below its main SMAs suggesting bearish momentum in the medium term. Bulls attempted to break above 57.00 and 57.40 resistances but found no price acceptance as the market fell.

Oil 30-minute chart

Oil is trading below 56.00 and its main SMAs. Bears seem to be back and they might try to drive the market to 55.00 and 54.00 support.

Additional key levels

WTI

Overview
Today last price	55.91
Today Daily Change	-1.28
Today Daily Change %	-2.24
Today daily open	57.19

Trends
Daily SMA20	58.03
Daily SMA50	57.23
Daily SMA100	59.43
Daily SMA200	56.87

Levels
Previous Daily High	57.46
Previous Daily Low	55.76
Previous Weekly High	60.98
Previous Weekly Low	54.87
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	56.81
Daily Fibonacci 61.8%	56.41
Daily Pivot Point S1	56.15
Daily Pivot Point S2	55.1
Daily Pivot Point S3	54.45
Daily Pivot Point R1	57.85
Daily Pivot Point R2	58.5
Daily Pivot Point R3	59.55

Author

Flavio Tosti

Independent Analyst

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