WTI Oil Technical Analysis: bearish pin bar makes today's close pivotal

Omkar Godbole FXStreet Contributor

WTI oil could suffer a deeper pullback in the next week if prices close below $53.64 today, validating the bearish pin bar candle created yesterday.

Daily chart

As seen above, WTI rose to $55.35 yesterday - the highest level since Nov. 21 - before ending the day with moderate losses at $53.98.

Essentially, WTI created a bearish pin bar, which indicates the day began with optimism but ended on a pessimistic note. As a result, that candlestick is widely considered an early sign of bullish-to-bearish trend change.

The bearish reversal would be confirmed if prices close today below $53.65 - the low of yesterday's bearish pin bar. That could yield a deeper drop to the psychological support of $50.00 in the next week.

Trend: bearish

WTI

Overview:
    Today Last Price: 53.86
    Today Daily change: -0.29 pips
    Today Daily change %: -0.54%
    Today Daily Open: 54.15
Trends:
    Daily SMA20: 52.56
    Daily SMA50: 50.72
    Daily SMA100: 58.11
    Daily SMA200: 63.49
Levels:
    Previous Daily High: 55.48
    Previous Daily Low: 53.75
    Previous Weekly High: 54.51
    Previous Weekly Low: 51.91
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 54.41
    Daily Fibonacci 61.8%: 54.82
    Daily Pivot Point S1: 53.44
    Daily Pivot Point S2: 52.73
    Daily Pivot Point S3: 51.71
    Daily Pivot Point R1: 55.17
    Daily Pivot Point R2: 56.19
    Daily Pivot Point R3: 56.9

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.