WTI technical analysis: Plummets to over 1-week lows and rebounds, back near $55.00 mark


  • WTI extends this week’s retracement slide from near six-week tops.
  • Finds decent support near 23.6% Fibo. level, around $54.00 mark.

Having climbed to near six-week tops earlier this week, WTI started retreating from a resistance marked by 50% Fibonacci level of the 66.57-50.51 downfall. Despite the fact that OPEC agreed to cut its output, Oil prices witnessed some follow-through selling on Thursday and added to the previous session's heavy losses.
 
The intraday rejection slide from the very important 200-day SMA momentarily dragged the black gold below the $54.00/barrel mark for the first time in over a week. The mentioned handle marks 23.6% Fibo. level support and should now act as a key pivotal point for the commodity's next leg of a directional move.
 
Meanwhile, technical indicators on the daily charts have been losing positive momentum but are yet to gather bearish traction. Hence, it will be prudent to wait for a sustained break below the mentioned support before positioning for a further near-term slide back towards challenging the $53.00/barrel mark.
 
The downward trajectory could further get extended towards $52.50 horizontal support, which if broken will expose August swing lows - around mid-$50.00s - with some intermediate support near the $52.00 and $51.00 round figure marks.

WTI daily chart

fxsoriginal

WTI

Overview
Today last price 54.81
Today Daily Change -1.11
Today Daily Change % -1.98
Today daily open 55.92
 
Trends
Daily SMA20 55.59
Daily SMA50 56.16
Daily SMA100 57.33
Daily SMA200 56.43
Levels
Previous Daily High 58.21
Previous Daily Low 55.55
Previous Weekly High 57.63
Previous Weekly Low 52.77
Previous Monthly High 58.02
Previous Monthly Low 50.51
Daily Fibonacci 38.2% 56.57
Daily Fibonacci 61.8% 57.19
Daily Pivot Point S1 54.91
Daily Pivot Point S2 53.9
Daily Pivot Point S3 52.25
Daily Pivot Point R1 57.57
Daily Pivot Point R2 59.22
Daily Pivot Point R3 60.23

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hits fresh weekly highs, nears 1.0900

The greenback is in trouble as government bond yields keep falling to record lows spurring gears of recession. Risk-off exacerbated by coronavirus spreading worldwide.

EUR/USD News

USD/JPY pierces 110.00 as fear rules

Wall Street is sharply down for a second consecutive day while US Treasury yields stand at record lows, reflecting investors concerns and backing yen gains.

USD/JPY News

Dollar domination set to continue, with or without coronavirus fears

The coronavirus-related fall in US bond yields has been weighing on the US dollar. Nevertheless – and despite worries coming from Markit's PMIs – the greenback is set to gain more ground.

Read more

Gold: Pares early losses, still in the red below $1650 level

Gold extended previous day's intraday retracement slide from multi-year tops and witnessed some follow-through long-unwinding trade on Tuesday.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures