Oil Technical Analysis: WTI is testing $50.00 a barrel
Oil daily chart
- Crude oil WTI is evolving in a bear trend below the 200-period simple moving average (SMA).
- Bulls are attempting to generate a reversal up since late December.
Oil 4-hour chart
- The 200 SMA is currently capping the bullish advance.
Oil 30-minute chart
- $50.00 a barrel seems to be acting as strong resistance and at this stage, it is doubtful that bulls have what it takes to break above it this week.
- To the downside, support can be seen near the 49.00, 48.00 and 47.00 figures.
Additional key levels
Today Last Price: 49.55
Today Daily change: 58 pips
Today Daily change %: 1.18%
Today Daily Open: 48.97
Previous Daily SMA20: 48.15
Previous Daily SMA50: 52.51
Previous Daily SMA100: 61.36
Previous Daily SMA200: 65.08
Previous Daily High: 49.99
Previous Daily Low: 48.33
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%: 49.36
Previous Daily Fibonacci 61.8%: 48.96
Previous Daily Pivot Point S1: 48.2
Previous Daily Pivot Point S2: 47.44
Previous Daily Pivot Point S3: 46.54
Previous Daily Pivot Point R1: 49.86
Previous Daily Pivot Point R2: 50.76
Previous Daily Pivot Point R3: 51.52