Oil technical analysis: WTI trading at weekly lows, challenging $56.00 a barrel

Crude ends the week keeping the consolidation theme unchanged.
The level to beat for sellers is the 56.00 figure.

Flavio Tosti Independent Analyst

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) is challenging $56.00 a barrel and the 100-day simple moving average (DMA). The market has been consolidating for the most of the week.

Crude oil four-hour chart

The market is ranging above its main SMAs, keeping a somewhat bullish bias above the 56.00 support level. Bulls would need a daily close above 57.50 to resume the bull move.

Crude oil 30-minute chart

WTI is trading below its main SMA, suggesting bearish momentum in the near term. However, sellers need to overcome the 56.00 handle. A break below the level can lead to 55.40 support and the 55.00 figure.

Additional key levels

WTI

Overview
Today last price	56.16
Today Daily Change	-0.99
Today Daily Change %	-1.73
Today daily open	57.15

Trends
Daily SMA20	55.18
Daily SMA50	55.55
Daily SMA100	56.06
Daily SMA200	57.45

Levels
Previous Daily High	57.93
Previous Daily Low	56.35
Previous Weekly High	56.97
Previous Weekly Low	53.77
Previous Monthly High	56.97
Previous Monthly Low	51.19
Daily Fibonacci 38.2%	57.33
Daily Fibonacci 61.8%	56.95
Daily Pivot Point S1	56.36
Daily Pivot Point S2	55.56
Daily Pivot Point S3	54.78
Daily Pivot Point R1	57.94
Daily Pivot Point R2	58.72
Daily Pivot Point R3	59.52

Author

Flavio Tosti

Independent Analyst

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