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.

 

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

 

 

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