WTI Technical Analysis: Quick drop for Friday sees WTI testing into $53.00

Crude oil prices took another step lower in early Friday trading, pinging into the 52.60 territory before settling back near 53.25.
WTI Chart, 5-Minute

Joshua Gibson FXStreet

Despite Friday's early dip-and-rise, crude oil remains closely tied to recent action, with WTI currently chained to a range between the 38.2% Fibo retracement level at 54.36 and this week's new low at 52.59.

WTI Chart, 30-Minute

Moving to the medium-term, crude barrel costs remain trapped in a steady bearish trend, set to close bearish for a seventh week straight as lower highs continue to mark in declining resistance as the 200-period moving average struggles to catch up to price action.

WTI Chart, 4-Hour

WTI

Overview:
    Last Price: 53.38
    Daily change: -62 pips
    Daily change: -1.15%
    Daily Open: 54
Trends:
    Daily SMA20: 59.12
    Daily SMA50: 66.36
    Daily SMA100: 67.46
    Daily SMA200: 68.05
Levels:
    Daily High: 54.09
    Daily Low: 53.84
    Weekly High: 60.93
    Weekly Low: 55.21
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 53.99
    Daily Fibonacci 61.8%: 53.94
    Daily Pivot Point S1: 53.86
    Daily Pivot Point S2: 53.73
    Daily Pivot Point S3: 53.61
    Daily Pivot Point R1: 54.11
    Daily Pivot Point R2: 54.23
    Daily Pivot Point R3: 54.36

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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