Oil Technical Analysis: WTI due for a correction?

Flavio Tosti Independent Analyst

Oil daily chart

WTI is trading above its main simple moving averages (SMA) suggesting a bullish bias.
As mentioned previously, WTI reached the 63.00 resistance.

Oil 4-hour chart

Crude oil WTI is trading above its main SMAs suggesting a bullish bias in the medium-term.

Oil 30-minute chart

The main trend is still bullish however, the 50 SMA is crossing below the 100 SMA suggesting a potential correction in the near-term.
Bears could initially be looking at 61.60 followed by 61.25 and 60.75 level if they gather enough steam.
Resistance is at 63.00 and 63.50 level.

Additional key levels

WTI

Overview
Today last price	62.48
Today Daily Change	-0.04
Today Daily Change %	-0.06
Today daily open	62.52

Trends
Daily SMA20	59.32
Daily SMA50	56.8
Daily SMA100	53.75
Daily SMA200	60.89

Levels
Previous Daily High	63.03
Previous Daily Low	62.09
Previous Weekly High	60.78
Previous Weekly Low	58.25
Previous Monthly High	60.78
Previous Monthly Low	54.79
Daily Fibonacci 38.2%	62.45
Daily Fibonacci 61.8%	62.67
Daily Pivot Point S1	62.06
Daily Pivot Point S2	61.61
Daily Pivot Point S3	61.12
Daily Pivot Point R1	63
Daily Pivot Point R2	63.49
Daily Pivot Point R3	63.94

Author

Flavio Tosti

Independent Analyst

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