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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD surges above 1.1100 as Trump announces steps against China

EUR/USD is trading above 1.1100, up on the day. President Trump said he orders companies to search Chinese imports for drugs. Earlier he criticized Powell's lack of action. 


GBP/USD jumps above 1.2250 on USD weakness

GBP/USD is trading close to the monthly highs above 1.2250 as the US dollar falls following Powell's hint of cutting rates and Trump's angry response. 


USD/JPY plummets to ten-day lows below 106 as Trump goes berserk on Twitter

The USD/JPY came under strong selling pressure in the last hour and erased nearly 100 pips as US President Donald Trump's latest rant on Twitter forced investors to seek refuge and ramped up the demand for safe-haven JPY. 


Gold gains more than $30, eyes 2019 highs on Trump’s tweet

Gold continues to rise sharply amid concerns about the impact of the escalation in the US-China trade war. The demand for safe-haven assets emerged over the last hours, leading to a rally in the yellow metal. 

Gold News

Powell powerless against Trump's trade wars – US braces for recession, USD set to move

"The most powerful central banker in the world" – is how we and others characterize Fed Chair Jerome Powell. While that may be true – monetary policy is reaching its limits – especially in the face of a trade war.

Read more