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Oil Technical Analysis: WTI correcting Friday’s drop near $56.00 a barrel

Written by By Flavio Tosti | 2019-12-02 20:37:16 GMT
  • WTI consolidates Friday’s losses near $56.00 a barrel. 
  • The level to beat for bears is the 56.00 handle.
 

Crude oil daily chart

 
 
The crude oil West Texas Intermediate (WTI) is currently trading near $56.00 a barrel and the 50/100 DMAs consolidating Friday’s drop. 
 

Crude oil four-hour chart

 
WTI is correcting the bear breakout below the 200 SMA on the four-hour chart. The market seems vulnerable to the downside. However, more consolidation might be on the cards in the medium term.  
 

Crude oil 30-minute chart

 
 
The is trading below its main SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 56.40 level and the 57.00 handle. Sellers are likely looking for a daily close below the 56.00 level to drive the price south towards the 54.50 level.  
 
 

Additional key levels

WTI

Overview
Today last price 56.08
Today Daily Change 0.56
Today Daily Change % 1.01
Today daily open 55.52
 
Trends
Daily SMA20 57.26
Daily SMA50 55.72
Daily SMA100 55.88
Daily SMA200 57.64
 
Levels
Previous Daily High 58.25
Previous Daily Low 55.07
Previous Weekly High 58.72
Previous Weekly Low 55.07
Previous Monthly High 58.76
Previous Monthly Low 54.12
Daily Fibonacci 38.2% 56.28
Daily Fibonacci 61.8% 57.04
Daily Pivot Point S1 54.31
Daily Pivot Point S2 53.1
Daily Pivot Point S3 51.13
Daily Pivot Point R1 57.49
Daily Pivot Point R2 59.46
Daily Pivot Point R3 60.67

 

 

Author

By Flavio Tosti
roboforex

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