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Crude Oil WTI Technical Analysis: Black Gold bears getting ready for another dive to the 2018 low

Crude oil weekly chart

  • Crude oil is in a steep bear trend as it erased the yearly gains.  

Crude oil 4-hour chart

  • Oil rejected the 56.00 level opening the doors to the next support at 52.74, the 2018 low.  

Crude oil 30-minute chart

  • Oil is trading below all its main SMAs while technical indicators are bearish.
  • The first target is 53.50 followed by 52.74, the 2018 low.  

Additional key levels

WTI

Overview:
       Last Price:  53.81
       Daily change:  -81  pips
       Daily change:  -1.48%
       Daily Open:  54.62
Trends:
       Daily SMA20:  59.74
       Daily SMA50:  66.72
       Daily SMA100:  67.61
       Daily SMA200:  68.09
Levels:
       Daily High:  54.73
       Daily Low:  54.58
       Weekly High:  60.93
       Weekly Low:  55.21
       Monthly High:  76.25
       Monthly Low:  64.86
       Daily Fibonacci 38.2%:  54.67
       Daily Fibonacci 61.8%:  54.64
       Daily Pivot Point S1:  54.56
       Daily Pivot Point S2:  54.49
       Daily Pivot Point S3:  54.41
       Daily Pivot Point R1:  54.71
       Daily Pivot Point R2:  54.79
       Daily Pivot Point R3:  54.86

 

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