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Oil Technical Analysis: Black Gold bulls are challenging $48.00 a barrel

Oil daily chart

  • Crude oil WTI is trading in a bear trend below the 200-period simple moving average (SMA).

Oil 4-hour chart

  • Bulls are breaking above the 48.00 figure and the 100 SMA. 

Oil 30-minute chart

  • If bulls can keep the momentum above 48.00 then 49.00 and 49.85 can be next.
  • However, a pullback down towards 47.00 can be more likely at this stage.

Additional key levels 

WTI

Overview:
    Today Last Price: 48.1
    Today Daily change: 1.1e+2 pips
    Today Daily change %: 2.34%
    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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