Oil technical analysis: WTI falling to its lowest since March near $55.00 a barrel

  • WTI is falling sharply and reaching levels not seen since March 2019.
  • The level to beat for bears is $55.00 a barrel.

Oil daily chart

On the daily time frame, the WTI oil (West Texas Intermediate) is having a steep retracement down as the market is trading below its main simple moving averages (SMAs).

Oil 4-hour chart

WTI is dropping below its main SMAs. A beak below 55.00 can open the doors to 54.00, 52.30 and 51.80 to the downside. Resistance is seen at 57.00, 58.22 and 59.70.

Additional key levels


Today last price 55.18
Today Daily Change -1.29
Today Daily Change % -2.28
Today daily open 56.47
Daily SMA20 61.05
Daily SMA50 62.2
Daily SMA100 58.8
Daily SMA200 59.76
Previous Daily High 59.75
Previous Daily Low 56.4
Previous Weekly High 63.97
Previous Weekly Low 57.36
Previous Monthly High 66.57
Previous Monthly Low 60.23
Daily Fibonacci 38.2% 57.68
Daily Fibonacci 61.8% 58.47
Daily Pivot Point S1 55.33
Daily Pivot Point S2 54.19
Daily Pivot Point S3 51.98
Daily Pivot Point R1 58.68
Daily Pivot Point R2 60.89
Daily Pivot Point R3 62.03



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