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


 

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
Avg Forecast 49.07
100.0%88.0%0.0%0-100102030405060708090100110
  • 0% Bullish
  • 88% Bearish
  • 12% Sideways
Bias Bearish
1 Month
Avg Forecast 47.99
100.0%71.0%14.0%0102030405060708090100
  • 14% Bullish
  • 57% Bearish
  • 29% Sideways
Bias Bearish
1 Quarter
Avg Forecast 48.03
100.0%83.0%33.0%030405060708090100
  • 33% Bullish
  • 50% Bearish
  • 17% Sideways
Bias Bearish

 

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