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.
 

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

 

 

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