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Oil markets seeing signs of life, WTI pushing to hold $47.00

  • Crude barrels see plenty of bullish pressure, sticking to the top end of recent swing highs.
  • Rising support for oil prices see chances for a bullish trendline on hourly candles.

Crude oil barrels are looking to put the brakes on recently bearish trends, with WTI markets getting propped up by evidence of OPEC+'s production limits coming into effect, with OPEC oil supply through November and December declining 460,000 barrels per day to 32.68 million bpd, a small change to be sure, but any news will be good news for hammered energies traders.

US Crude barrels have so far struggled to develop any meaningful bullish momentum beyond the 47.00 level, but just managing to stay upright and pressuring near-term highs is a feat in and of itself, as crude continues to try and salvage market standing as it recovers from December's crushing bottom of 42.30.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 47.24
    Today Daily change: 24 pips
    Today Daily change %: 0.511%
    Today Daily Open: 47
Trends:
    Previous Daily SMA20: 48.47
    Previous Daily SMA50: 53.1
    Previous Daily SMA100: 61.77
    Previous Daily SMA200: 65.3
Levels:
    Previous Daily High: 47.67
    Previous Daily Low: 45.56
    Previous Weekly High: 47.09
    Previous Weekly Low: 42.45
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 46.86
    Previous Daily Fibonacci 61.8%: 46.37
    Previous Daily Pivot Point S1: 45.82
    Previous Daily Pivot Point S2: 44.63
    Previous Daily Pivot Point S3: 43.71
    Previous Daily Pivot Point R1: 47.93
    Previous Daily Pivot Point R2: 48.85
    Previous Daily Pivot Point R3: 50.04

 

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