WTI Technical Analysis: Bids firming up from $53.00, but near-term resistance remains

WTI crude barrels are heading into the rest of the week with an unclosed gap from Monday, but action remains capped off by intraday highs at the 53.70 barrier.

Joshua Gibson FXStreet

WTI/USD, 5-Minute

Despite intraday resistance, WTI remains on the upswing in the near-term, bolstered off of a support zone near the 50.00 major handle with higher lows and a rising outside trendline helping to send prices over previous swing lows.

WTI/USD, 30-Minute

Looking to 4-Hour candles, US oil barrels are making their highest break of a medium-term descending trendline in over two months, though WTI remains steeply bearish, with the 38.2% Fibo retracement level far above, knocking into the 200-period moving average near the 60.00 major handle.

WTI/USD, 4-Hour

WTI

Overview:
    Today Last Price: 53.41
    Today Daily change: 19 pips
    Today Daily change %: 0.357%
    Today Daily Open: 53.22
Trends:
    Previous Daily SMA20: 54.2
    Previous Daily SMA50: 62.28
    Previous Daily SMA100: 65.92
    Previous Daily SMA200: 67.45
Levels:
    Previous Daily High: 53.37
    Previous Daily Low: 53.03
    Previous Weekly High: 52.13
    Previous Weekly Low: 49.64
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 53.24
    Previous Daily Fibonacci 61.8%: 53.16
    Previous Daily Pivot Point S1: 53.04
    Previous Daily Pivot Point S2: 52.87
    Previous Daily Pivot Point S3: 52.7
    Previous Daily Pivot Point R1: 53.38
    Previous Daily Pivot Point R2: 53.55
    Previous Daily Pivot Point R3: 53.72

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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