Oil Technical Analysis: WTI range play is intact near $62.00 a barrel

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is in consolidation mode after having peaked just above $66.00 a barrel. In the last seven days, the market has been hovering near 62.00 the figure.

Oil 4-hour chart

On the 4-hour chart, WTI is seesawing below its main SMAs suggesting sideways to bearish pressure in the medium term.

Oil 30-minute chart

The market is ranging. 62.20 was an important level in the last few days and can provide quite a lot of resistance. However, if broken bulls can easily drive the market to 63.40 last swing high.
On the way down, 61.60 and 61.00 figure can provide support. If 61.00 gets broken to the downside, 60.20 can be the next support level to watch.

Additional key levels

WTI

Overview
Today last price	62.08
Today Daily Change	1.09
Today Daily Change %	1.79
Today daily open	60.99

Trends
Daily SMA20	63.35
Daily SMA50	61.53
Daily SMA100	57.15
Daily SMA200	60.3

Levels
Previous Daily High	63.46
Previous Daily Low	60.79
Previous Weekly High	63.01
Previous Weekly Low	60.12
Previous Monthly High	66.57
Previous Monthly Low	60.23
Daily Fibonacci 38.2%	61.81
Daily Fibonacci 61.8%	62.44
Daily Pivot Point S1	60.03
Daily Pivot Point S2	59.08
Daily Pivot Point S3	57.36
Daily Pivot Point R1	62.7
Daily Pivot Point R2	64.42
Daily Pivot Point R3	65.37

Author

Flavio Tosti

Independent Analyst

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