Oil technical analysis: WTI skyrockets to $57.40 a barrel as the US-China trade war eases

WTI rises as the US says some tariffs won’t enter into effect until December 15.
The levels to beat for bulls is $57.40 a barrel.

Flavio Tosti Independent Analyst

Oil 4-hour chart

WTI (West Texas Intermediate) is up sharply as the US announced it would delay some of the planned tariffs to December 15. The market can potentially rise to 58.50 resistance but the bulls need a convincing break above 57.40 resistance. Support is seen at $56.00 and $55.00 a barrel.

Additional key levels

WTI

Overview
Today last price	56.88
Today Daily Change	2.19
Today Daily Change %	4.00
Today daily open	54.69

Trends
Daily SMA20	55.67
Daily SMA50	56.04
Daily SMA100	59
Daily SMA200	56.26

Levels
Previous Daily High	55.07
Previous Daily Low	53.48
Previous Weekly High	55.53
Previous Weekly Low	50.51
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	54.46
Daily Fibonacci 61.8%	54.09
Daily Pivot Point S1	53.76
Daily Pivot Point S2	52.82
Daily Pivot Point S3	52.17
Daily Pivot Point R1	55.35
Daily Pivot Point R2	56
Daily Pivot Point R3	56.94

Author

Flavio Tosti

Independent Analyst

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