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



Today last price 54.81
Today Daily Change -1.11
Today Daily Change % -1.98
Today daily open 55.92
Daily SMA20 55.59
Daily SMA50 56.16
Daily SMA100 57.33
Daily SMA200 56.43
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



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