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.

EUR/USD loses ground below 1.1850 ahead of FOMC Minutes

The EUR/USD pair loses traction near 1.1840 during the early European session on Wednesday, pressured by renewed US Dollar demand. Traders brace for the Federal Open Market Committee Minutes for signals on future rate cuts, which will be released later on Wednesday.

When is the UK CPI data and how could it affect GBP/USD?

The United Kingdom Consumer Price Index data for January is scheduled to be published today at 07:00 GMT. GBP/USD trades slightly lower at around 1.3556 as of writing. The 20-period Exponential Moving Average trends lower at 1.3593 and continues to cap rebounds. Price holds beneath this gauge, maintaining a short-term bearish bias.

Gold: Is the $5,000 level back in sight?

Gold snaps a two-day downtrend, as recovery gathers traction toward $5,000 on Wednesday. The US Dollar recovers from the overnight sell-off as rebalancing trades resume ahead of Fed Minutes. The 38.2% Fib support holds on the daily chart for now. What does that mean for Gold?

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.