WTI technical analysis: Daily moving averages converge at 57.80, potential support

Ross J Burland FXStreet

Oil prices were whipsawed on the geopolitical front once again and while the market managed to shrug-off the concerns of a tropical storm in the Gulf of Mexico which has cut oil output in the region by more than half, from a technical standpoint, WTI has printed a strong daily bullish candle.

Bulls continue to commit and the price drifts higher on the 60 handle. On the downside, the familiar 20, 50 and 200 Experiential Moving Averages fall in line as potential support around 57.80. Then, below the weekly lows at 56.77, the 52 handle and then the 14th Jan 50.41 lows ahead of the 26th November lows at 49.44 are a target.

WTI

Overview
Today last price	60.43
Today Daily Change	0.08
Today Daily Change %	0.13
Today daily open	60.35

Trends
Daily SMA20	54.86
Daily SMA50	58.99
Daily SMA100	59.11
Daily SMA200	57.99

Levels
Previous Daily High	60.59
Previous Daily Low	58.44
Previous Weekly High	60.3
Previous Weekly Low	56.1
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	59.77
Daily Fibonacci 61.8%	59.26
Daily Pivot Point S1	59
Daily Pivot Point S2	57.64
Daily Pivot Point S3	56.85
Daily Pivot Point R1	61.15
Daily Pivot Point R2	61.94
Daily Pivot Point R3	63.3

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 49.07

0% Bullish
88% Bearish
12% Sideways

Bias Bearish

1 Month

Avg Forecast 47.99

14% Bullish
57% Bearish
29% Sideways

Bias Bearish

1 Quarter

Avg Forecast 48.03

33% Bullish
50% Bearish
17% Sideways

Bias Bearish

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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