WTI Price Analysis: Magic Fibonacci golden ratio offers support in oil

WTI has moved another leg lower and is currently down 5.81%.
The historical low is $26.05 in the futures contract and there is some space till we hit that level.

Rajan Dhall, MSTA FX Daily

WTI daily chart

WTI has moved lower again as more travel restrictions hit the news one by one. Many nations including the US have imposed travel bans with many cities on lockdown. There is also the matter of the rift between Saudi Arabia and the rest of the OPEC nations.

Looking at the chart now you can see the lows are being hit at the time of writing. The 161.8 golden Fibonacci ratio has provided the market with a decent support zone and for now, it is being respected. On the topside $36.00 per barrel is the consolidation high and psychological resistance. This could be a shorting area if the price moves back up. Obviously $30.00 per barrel is a psychological support level too.

Additional levels

WTI

Overview
Today last price	31.32
Today Daily Change	-2.12
Today Daily Change %	-6.34
Today daily open	33.44

Trends
Daily SMA20	47.03
Daily SMA50	52.25
Daily SMA100	55.14
Daily SMA200	55.43

Levels
Previous Daily High	36.64
Previous Daily Low	32.89
Previous Weekly High	48.74
Previous Weekly Low	41.22
Previous Monthly High	54.69
Previous Monthly Low	43.95
Daily Fibonacci 38.2%	34.33
Daily Fibonacci 61.8%	35.21
Daily Pivot Point S1	32.01
Daily Pivot Point S2	30.58
Daily Pivot Point S3	28.26
Daily Pivot Point R1	35.76
Daily Pivot Point R2	38.08
Daily Pivot Point R3	39.51

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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