Oil Technical Analysis: WTI dipping below 52.00 a barrel

Flavio Tosti Independent Analyst

Oil daily chart

Crude oil WTI is trading in a bear trend below the 50, 100 and 200-day simple moving average.

Oil 4-hour chart

Oil is in consolidation mode near the 50 and 100 SMA.

Oil 30-minute chart

In the short-term, oil is finding support near the 52.00 figure and the 200 SMA suggesting that bulls might come back for a retest of the 52.75 resistance to the upside.

Additional key levels

WTI

Overview:
    Today Last Price: 51.99
    Today Daily change: -1.1e+2 pips
    Today Daily change %: -2.04%
    Today Daily Open: 53.07
Trends:
    Previous Daily SMA20: 52
    Previous Daily SMA50: 58.57
    Previous Daily SMA100: 64.62
    Previous Daily SMA200: 66.75
Levels:
    Previous Daily High: 53.48
    Previous Daily Low: 50.57
    Previous Weekly High: 54.2
    Previous Weekly Low: 50.57
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 52.37
    Previous Daily Fibonacci 61.8%: 51.68
    Previous Daily Pivot Point S1: 51.27
    Previous Daily Pivot Point S2: 49.46
    Previous Daily Pivot Point S3: 48.36
    Previous Daily Pivot Point R1: 54.18
    Previous Daily Pivot Point R2: 55.28
    Previous Daily Pivot Point R3: 57.09

Author

Flavio Tosti

Independent Analyst

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.