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.

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