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Oil Technical Analysis: WTI erases most daily gains

Oil daily chart

  • Oil is trading above the 50 and 100-day simple moving averages (SMAs) suggesting a mild bullish bias.

Oil 4-hour chart

  • Crude oil WTI rejected the 50 SMA suggesting a potential pullback down in the medium-term.

Oil 30-minute chart

  • WTI is trading below its main SMAs suggesting bearish momentum as the bears virtually erased gains made previously in the day.
  • Support is at 55.80 and 55.20 and 54.80 level.
  • Resistances to the upside are at 57.40 and 57.90 level.  

 

Additional key levels

WTI

Overview:
       Today Last Price:  56.37
       Today Daily change: 47 ticks
       Today Daily change %:  0.84%
       Today Daily Open:  55.9
Trends:
       Daily SMA20:  55.37
       Daily SMA50:  52.55
       Daily SMA100:  54.5
       Daily SMA200:  62.31
Levels:
       Previous Daily High:  58.06
       Previous Daily Low:  55.77
       Previous Weekly High:  58.06
       Previous Weekly Low:  55.19
       Previous Monthly High:  57.92
       Previous Monthly Low:  51.56
       Daily Fibonacci 38.2%:  56.64
       Daily Fibonacci 61.8%:  57.19
       Daily Pivot Point S1:  55.09
       Daily Pivot Point S2:  54.29
       Daily Pivot Point S3:  52.8
       Daily Pivot Point R1:  57.38
       Daily Pivot Point R2:  58.87
       Daily Pivot Point R3:  59.67

 

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