OctaFX | OctaFX Forex Broker
Open trading account
Back

Crude Oil Technical Analysis: Black Gold on a bull run as $53.00 a barrel is the level to beat

Oil daily chart

  • Crude oil WTI is trading in a bear trend below the 200-period simple moving average (SMA). 
  • Bulls are creating a reversal us as they are testing the 50 SMA. 

Oil 4-hour chart

  • Bulls have regained the main SMAs suggesting bullish momentum in the medium-term.

Oil 30-minute chart

  • Oil is trading above its main SMAs suggesting strong bullish momentum. 
  • The level to beat for bulls is $53.00 a barrel. A break of the level can lead to 55.65 target in the near future. 
  • Support is seen at 51.50. 

Additional key levels

WTI

Overview:
    Today Last Price: 52.5
    Today Daily change: 7.0 pips
    Today Daily change %: 0.134%
    Today Daily Open: 52.43
Trends:
    Previous Daily SMA20: 48.11
    Previous Daily SMA50: 52.05
    Previous Daily SMA100: 61.03
    Previous Daily SMA200: 64.88
Levels:
    Previous Daily High: 52.8
    Previous Daily Low: 49.97
    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%: 51.72
    Previous Daily Fibonacci 61.8%: 51.05
    Previous Daily Pivot Point S1: 50.67
    Previous Daily Pivot Point S2: 48.9
    Previous Daily Pivot Point S3: 47.84
    Previous Daily Pivot Point R1: 53.5
    Previous Daily Pivot Point R2: 54.56
    Previous Daily Pivot Point R3: 56.33

 

WTI capped at the 50-D SMA, daily doji in the making

WTI is meeting resistance in the sixth day of trade since bulls took back charge at the start of 2019, with the price rising from the 46 handle to a h
Read more Previous

FTSE lifted on a rise in oil, knocking on the doors of R2 ahead of the 7000 handle

As we move towards the final hours on Wall Street, casting minds over to European markets, UK shares were weighed earlier due to poor updates from the
Read more Next
Start livechat