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Oil Technical Analysis: WTI bears looking at the 53.50 support

Oil daily chart

  • Crude oil WTI is in a bear trend below the 100 and 200-day simple moving averages (SMAs).
  • However, bulls broke above the 54.00 figure and the 50 SMA.

Oil 4-hour chart

  • WTI bulls have reclaimed the main SMAs suggesting bullish momentum in the near-term.

Oil 30-minute chart

  • WTI is set to depreciate below the 54.50 resistance as bears might lead the market to 53.50 support.  

Additional key levels  

WTI

Overview:
       Today Last Price:  54.23
       Today Daily change:  0.12  pips
       Today Daily change %:  0.22%
       Today Daily Open:  54.11
Trends:
       Daily SMA20:  49.2
       Daily SMA50:  50.93
       Daily SMA100:  59.71
       Daily SMA200:  64.11
Levels:
       Previous Daily High:  54.17
       Previous Daily Low:  52.4
       Previous Weekly High:  54.17
       Previous Weekly Low:  50.65
       Previous Monthly High:  54.68
       Previous Monthly Low:  42.45
       Daily Fibonacci 38.2%:  53.49
       Daily Fibonacci 61.8%:  53.08
       Daily Pivot Point S1:  52.95
       Daily Pivot Point S2:  51.79
       Daily Pivot Point S3:  51.18
       Daily Pivot Point R1:  54.72
       Daily Pivot Point R2:  55.33
       Daily Pivot Point R3:  56.49

 

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