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

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