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.

Flavio Tosti Independent Analyst

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

WTI

Overview
Today last price	55.18
Today Daily Change	-1.29
Today Daily Change %	-2.28
Today daily open	56.47

Trends
Daily SMA20	61.05
Daily SMA50	62.2
Daily SMA100	58.8
Daily SMA200	59.76

Levels
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

Author

Flavio Tosti

Independent Analyst

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