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

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Stuck in a range, the odds of an aggressive Fed rate cut drop

EUR/USD continues to trade a narrow range amid falling odds of an aggressive easing by the US Federal Reserve (Fed) later this month. The ECB is widely expected to keep rates unchanged, but send out a strong dovish message later this week

EUR/USD News

GBP/USD remains modestly flat as Brexit optimism confronts UK-Iran tension

While optimism surrounding the Brexit helped the GBP/USD pair to start the week on a positive note, geopolitical tensions between the UK and Iran tamed the quote’s upside as it trades near 1.2500 ahead of the London open. 

GBP/USD News

USD/JPY consolidates gains below 108.00 amid risk-off in Asian equities

Having failed to sustain the early gains above the 108 handle, USD/JPY consolidates in a tight range just below the last amid risk-off action in the Asian equities and Abe's victory. Escalating Gulf tensions and a likely smaller Fed rate cut weigh down on the sentiment. 

USD/JPY News

Gold: Bounces off 23.6% Fibo. towards $1436.50/37 supply zone

Gold is again being bought as it reverses from 23.6% Fibonacci retracement of June-July advances to $1,427 by early Monday. The yellow metal now runs towards $1,436.50/37 horizontal resistance comprising early-month tops.

Gold News

Weekly outlook: UK parliament, ECB meeting, germany and US data

The result of conservative party’s election of UK parliament will have been announced by Tuesday night. Boris Johnson is expected to be the new PM. The European central bank meeting on Thursday. The interest rate is expected to maintain at zero percent.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •