Oil Technical Analysis: WTI slumps to 2-week low near $63.00 a barrel

Flavio Tosti Independent Analyst

Oil daily chart

WTI is trading in a bull trend above its main simple moving averages (SMAs).
WTI is currently having the worst daily decline since December 2018.

Oil 4-hour chart

The market is trading below its 50 and 100 SMAs suggesting a correction down.
The market is likely going to continue to decline towards 62.50 level. The next supports in line are seen at 61.80 and 60.50.
Resistances are seen at 64.00 and 65.00 level.

Additional key levels

WTI

Overview
Today last price	63.02
Today Daily Change	-2.12
Today Daily Change %	-3.25
Today daily open	65.14

Trends
Daily SMA20	63.82
Daily SMA50	60.16
Daily SMA100	55.66
Daily SMA200	60.56

Levels
Previous Daily High	66.28
Previous Daily Low	64.93
Previous Weekly High	64.72
Previous Weekly Low	63.14
Previous Monthly High	60.78
Previous Monthly Low	54.79
Daily Fibonacci 38.2%	65.45
Daily Fibonacci 61.8%	65.76
Daily Pivot Point S1	64.62
Daily Pivot Point S2	64.1
Daily Pivot Point S3	63.27
Daily Pivot Point R1	65.97
Daily Pivot Point R2	66.8
Daily Pivot Point R3	67.32

Author

Flavio Tosti

Independent Analyst

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