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
Today Last Price: 49.56
Today Daily change: 1.3e+2 pips
Today Daily change %: 2.74%
Today Daily Open: 48.24
Previous Daily SMA20: 48.31
Previous Daily SMA50: 52.79
Previous Daily SMA100: 61.56
Previous Daily SMA200: 65.19
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