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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

WTI

Overview:
    Today Last Price: 49.55
    Today Daily change: 58 pips
    Today Daily change %: 1.18%
    Today Daily Open: 48.97
Trends:
    Previous Daily SMA20: 48.15
    Previous Daily SMA50: 52.51
    Previous Daily SMA100: 61.36
    Previous Daily SMA200: 65.08
Levels:
    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

 

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