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Oil Technical Analysis: Black Gold bears driving the market towards $50.00 a barrel

Oil daily chart

  • WTI oil is trading in a bear trend below the 50, 100 and 200-period simple moving average (SMA).
  • Oil rejected $54.00 a barrel along with the 50 SMA. 

Oil 4-hour chart

  • The market is trading above the 50, 100 and 200 SMA. 

Oil 30-minute chart

  • Oil broke below its 200 SMA as traders are testing the 51.00 figure.
  • Bears next objective is to reach the 50.00 figure. 

Additional key levels

WTI

Overview:
    Today Last Price: 50.89
    Today Daily change: -1.1e+2 pips
    Today Daily change %: -2.06%
    Today Daily Open: 51.96
Trends:
    Previous Daily SMA20: 48.12
    Previous Daily SMA50: 51.5
    Previous Daily SMA100: 60.54
    Previous Daily SMA200: 64.59
Levels:
    Previous Daily High: 51.96
    Previous Daily Low: 51.96
    Previous Weekly High: 53.57
    Previous Weekly Low: 48.33
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 51.96
    Previous Daily Fibonacci 61.8%: 51.96
    Previous Daily Pivot Point S1: 51.96
    Previous Daily Pivot Point S2: 51.96
    Previous Daily Pivot Point S3: 51.96
    Previous Daily Pivot Point R1: 51.96
    Previous Daily Pivot Point R2: 51.96
    Previous Daily Pivot Point R3: 51.96

 

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