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Oil Technical Analysis: Black Gold bulls at the $50.00 gate

Oil daily chart

  • Crude oil WTI is trading in a bear trend below the 200-period simple moving average (SMA).
  • Bulls are attempting to create a reversal up since late December.

Oil 4-hour chart

  • A break above $50.00 and the 200 SMA would be significant and might lead to higher prices in coming weeks.

Oil 30-minute chart

  • At the time of writing the 50.00 figure seems to be a brick wall and it remains to be seen if bulls have what it takes this week to break above it.
  • To the downside, support can be seen near the 49.00, 48.00 and 47.00 figures.


Additional key levels

WTI

Overview:
    Today Last Price: 49.56
    Today Daily change: 1.3e+2 pips
    Today Daily change %: 2.74%
    Today Daily Open: 48.24
Trends:
    Previous Daily SMA20: 48.31
    Previous Daily SMA50: 52.79
    Previous Daily SMA100: 61.56
    Previous Daily SMA200: 65.19
Levels:
    Previous Daily High: 49.41
    Previous Daily Low: 46.84
    Previous Weekly High: 49.41
    Previous Weekly Low: 44.52
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 48.43
    Previous Daily Fibonacci 61.8%: 47.82
    Previous Daily Pivot Point S1: 46.92
    Previous Daily Pivot Point S2: 45.59
    Previous Daily Pivot Point S3: 44.35
    Previous Daily Pivot Point R1: 49.49
    Previous Daily Pivot Point R2: 50.73
    Previous Daily Pivot Point R3: 52.06

 

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