WTI technical analysis: Bears can target below the 50 handle on an escalation of the trade wars

Tug of war between bears and bulls as price meets 50% retracement target.
While below the 50 and 200 daily moving averages, bears remain in charge.

Ross J Burland FXStreet

The price of oil started to recover towards the end of the week, but, technically, the price is still underwater despite a break back above the 61.8%% Fibo of the late Dec to 2019 range. Bulls have taken back the 50% Fibo of the same range, but until there us a tet and hold above the 50 and 200 daily moving averages, bears remain in charge.

The Bears can target below the 50 handle on an escalation of the trade wars - 47.56 comes in as the 78.6% Fibo. Bulls can target the 20-day moving average at 55.50 and then a run towards 56.80 and then 60.50.

WTI

Overview
Today last price	54.3
Today Daily Change	0.01
Today Daily Change %	0.02
Today daily open	54.29

Trends
Daily SMA20	55.91
Daily SMA50	56
Daily SMA100	59.05
Daily SMA200	56.28

Levels
Previous Daily High	54.79
Previous Daily Low	52.32
Previous Weekly High	55.53
Previous Weekly Low	50.51
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	53.85
Daily Fibonacci 61.8%	53.26
Daily Pivot Point S1	52.81
Daily Pivot Point S2	51.33
Daily Pivot Point S3	50.34
Daily Pivot Point R1	55.28
Daily Pivot Point R2	56.27
Daily Pivot Point R3	57.75

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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