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Oil Technical Analysis: Black Gold dropping near $55.00 a barrel

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 is testing the 200 SMA.

Oil 30-minute chart

  • Oil is trading below its main SMAs suggesting bearish momentum in the near-term.
  • Bears are breaking below 55.20 and the next supports are seen at 54.60 and 53.80 level.
  • To the upside, resistances are  at 55.80 and 56.60 level.

Additional key levels

WTI

Overview:
       Today Last Price:  55.08
       Today Daily change:  -156 ticks
       Today Daily change %:  -2.75%
       Today Daily Open:  56.64
Trends:
       Daily SMA20:  55.88
       Daily SMA50:  53.47
       Daily SMA100:  54.09
       Daily SMA200:  61.97
Levels:
       Previous Daily High:  57.25
       Previous Daily Low:  56.36
       Previous Weekly High:  58.06
       Previous Weekly Low:  55.19
       Previous Monthly High:  57.92
       Previous Monthly Low:  51.56
       Daily Fibonacci 38.2%:  56.91
       Daily Fibonacci 61.8%:  56.7
       Daily Pivot Point S1:  56.25
       Daily Pivot Point S2:  55.86
       Daily Pivot Point S3:  55.36
       Daily Pivot Point R1:  57.14
       Daily Pivot Point R2:  57.64
       Daily Pivot Point R3:  58.03

 

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