Oil Technical Analysis: WTI sidelined above $56.00 a barrel

WTI remained choppy on the second day of the week.
The level to beat for sellers is the 56.00 handle.

Flavio Tosti Independent Analyst

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) is currently trading just above $56.00 a barrel and the 50/100 DMAs consolidating last week’s drop.

Crude oil four-hour chart

Black gold is correcting the recent drop below the 200 SMA on the four-hour chart. The market is vulnerable to the downside. However, further consolidation could be on the cards in the medium term.

Crude oil 30-minute chart

WTI is trading below a downward 200 SMAs, suggesting a bearish bias in the near term. However, the market could correct up and break the 56.40 level and reach the 57.00 handle. On the flip side, sellers want a daily close below the 56.00 level to drive the price towards the 54.50 level.

Additional key levels

XAU/USD

Overview
Today last price	1477.38
Today Daily Change	14.36
Today Daily Change %	0.98
Today daily open	1463.02

Trends
Daily SMA20	1465.91
Daily SMA50	1484.7
Daily SMA100	1485.46
Daily SMA200	1402.03

Levels
Previous Daily High	1465.04
Previous Daily Low	1454.05
Previous Weekly High	1466.62
Previous Weekly Low	1450.74
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1458.25
Daily Fibonacci 61.8%	1460.84
Daily Pivot Point S1	1456.37
Daily Pivot Point S2	1449.72
Daily Pivot Point S3	1445.38
Daily Pivot Point R1	1467.36
Daily Pivot Point R2	1471.7
Daily Pivot Point R3	1478.35

Author

Flavio Tosti

Independent Analyst

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