WTI Technical Analysis: Oil hits three weeks of consolidation, stuck to $52.00

Crude markets edged higher on Thursday with WTI clipping back into 53.20, but bullish momentum remains weak on the intraday charts, and US barrels are already edging back down into the 52.00 handle, with the 38.2% Fibo retracement level at 52.10.

Joshua Gibson FXStreet

WTI, 5-Minute

Crude markets have been trendless in the near-term, and the last two weeks have seen a series of spikes in either direction as energies struggle to pick a direction.

WTI, 30-Minute

In the medium-term, crude oil's consolidation is looking firmed-in from 50.35 to the 54.00 region, and energies investors will be looking for a break-and-retest to kick off further directional momentum.

WTI, 4-Hour

WTI

Overview:
    Today Last Price: 52.1
    Today Daily change: 8.0 pips
    Today Daily change %: 0.154%
    Today Daily Open: 52.02
Trends:
    Previous Daily SMA20: 52.32
    Previous Daily SMA50: 59.36
    Previous Daily SMA100: 64.89
    Previous Daily SMA200: 66.91
Levels:
    Previous Daily High: 52.06
    Previous Daily Low: 51.89
    Previous Weekly High: 54.2
    Previous Weekly Low: 50.57
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 52
    Previous Daily Fibonacci 61.8%: 51.95
    Previous Daily Pivot Point S1: 51.92
    Previous Daily Pivot Point S2: 51.82
    Previous Daily Pivot Point S3: 51.75
    Previous Daily Pivot Point R1: 52.09
    Previous Daily Pivot Point R2: 52.16
    Previous Daily Pivot Point R3: 52.26

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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