Oil technical analysis: WTI stabilizing above $56.00 a barrel after last week decline

WTI crude oil is stabilizing above $56.00 a barrel.
The level to beat for bulls are at 57.00 and 57.42.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) stabilizing above 56.00 as the market is trading below its main daily simple moving averages (DSMAs). The market is consolidating last week losses.

Oil 4-hour chart

The market is challenging the 57.00 resistance and the 200 SMA. A break above this resistance can lead to 57.40 and 58.42 on the way up. Support is seen at 56.00 and 55.00.

Additional key levels

WTI

Overview
Today last price	56.76
Today Daily Change	0.52
Today Daily Change %	0.92
Today daily open	56.24

Trends
Daily SMA20	58.11
Daily SMA50	57.32
Daily SMA100	59.42
Daily SMA200	56.91

Levels
Previous Daily High	57.04
Previous Daily Low	55.82
Previous Weekly High	60.98
Previous Weekly Low	54.87
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	56.29
Daily Fibonacci 61.8%	56.57
Daily Pivot Point S1	55.69
Daily Pivot Point S2	55.15
Daily Pivot Point S3	54.47
Daily Pivot Point R1	56.91
Daily Pivot Point R2	57.59
Daily Pivot Point R3	58.13

Author

Flavio Tosti

Independent Analyst

EUR/USD stays below 1.1850 after dismal German sentiment data

EUR/USD stays in negative territory below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls toward 1.3550, pressured by weak UK jobs report

GBP/USD remains under bearish pressure and extends its decline below 1.3600 on Tuesday. The United Kingdom employment data suggested worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.