Oil technical analysis: WTI starts the week by challengeing the 58.00 handle

Oil is gaining some ground above the 58.00 figure.
58.50 is the next level to beat for bulls.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is trading just below the 58.00 figure and its 50 and 100-day simple moving averages (DSMAs).

Oil 4-hour chart

Oil is grinding up near the 58.00 handle and its 100 and 200 SMAs. Bulls want to break 58.50 resistance to reach the 89.70 level.

Oil 30-minute chart

Oil is trading above its main SMAs suggesting bullish momentum in the near term. Immediate supports are seen at 57.40, 57.00 and 56.40. A daily close below 56.40 would question the bull case.

Additional key levels

WTI

Overview
Today last price	57.91
Today Daily Change	0.24
Today Daily Change %	0.42
Today daily open	57.67

Trends
Daily SMA20	54.48
Daily SMA50	59.3
Daily SMA100	58.94
Daily SMA200	58.23

Levels
Previous Daily High	57.79
Previous Daily Low	56.36
Previous Weekly High	60.3
Previous Weekly Low	56.1
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	57.24
Daily Fibonacci 61.8%	56.91
Daily Pivot Point S1	56.76
Daily Pivot Point S2	55.84
Daily Pivot Point S3	55.33
Daily Pivot Point R1	58.19
Daily Pivot Point R2	58.7
Daily Pivot Point R3	59.62

Author

Flavio Tosti

Independent Analyst

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