WTI whipsawed on forever-changing tradewar and economic growth sentiment


  • US oil sold off overnight and bears target 61.8% downside level.
  • Bulls need to hold above daily moving averages to gain control. 

US oil is bing whipsawed from one political headline to the next and on fears of a global slowdown. For that matter, the technical picture is blurred, just as the case for the upside was being built on OPEC support and the bulls were holding just above the 50% retracement of the late Dec to 2019 range.

Earlier in the week, on the bullish spike, the bulls took on the cluster of the 20, 50 and 200 daily moving averages to bust through both the 56 and 57 handles. However, the bears have taken back control on the spike to the downside that took out stops at 54.50 for a 50% mean reversion. The path is open all the way to the 53 handle and the 61.8% retracement target. 

WTI

Overview
Today last price 54.95
Today Daily Change 0.02
Today Daily Change % 0.04
Today daily open 54.93
 
Trends
Daily SMA20 55.54
Daily SMA50 56.18
Daily SMA100 58.92
Daily SMA200 56.21
Levels
Previous Daily High 56.84
Previous Daily Low 53.99
Previous Weekly High 55.53
Previous Weekly Low 50.51
Previous Monthly High 60.99
Previous Monthly Low 54.87
Daily Fibonacci 38.2% 55.08
Daily Fibonacci 61.8% 55.75
Daily Pivot Point S1 53.67
Daily Pivot Point S2 52.4
Daily Pivot Point S3 50.82
Daily Pivot Point R1 56.52
Daily Pivot Point R2 58.1
Daily Pivot Point R3 59.37

 


 

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