WTI technical analysis: Bulls find short term relief while bears eye $52 handle

Bulls find temporary solace in hopes of a trade deal breakthrough between the US and China.
bears can now target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.

Ross J Burland FXStreet

The price of oil was finding some solace in hopes of a trade deal breakthrough between the US and China, or at last, for talks to continue and not come to a grinding halt as had been expected following last week's escalation.

Despite the comeback, however, the price of oil remains pressured. Bears are moving in again below that moving averages on the 4-hour time frames, namely the 20, 50 and 200 as price moves stays deep below the 20-daily moving average and downside trendline as well. With a focus on the downside and having taken out the trendline support, bears can now target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.

WTI

Overview
Today last price	53.8
Today Daily Change	-0.02
Today Daily Change %	-0.04
Today daily open	53.82

Trends
Daily SMA20	55.19
Daily SMA50	56.49
Daily SMA100	58.47
Daily SMA200	56.18

Levels
Previous Daily High	55.55
Previous Daily Low	53.22
Previous Weekly High	57.08
Previous Weekly Low	53.22
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	54.11
Daily Fibonacci 61.8%	54.66
Daily Pivot Point S1	52.84
Daily Pivot Point S2	51.87
Daily Pivot Point S3	50.51
Daily Pivot Point R1	55.17
Daily Pivot Point R2	56.53
Daily Pivot Point R3	57.5

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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