Crude Oil WTI Technical Analysis: Black Gold turning into Red Gold as WTI falls below $60.00 a barrel and collapses 22% in a month
- Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart as the barrel of oil is having the longest losing streak since 1984.
- Bears assaulted the commodity one more time and brought WTI below $60.00 this Friday. While WTI is oversold small pullbacks up can be expected however the trend remains firmly bearish.
- Targets to the downside can be seen near 58.07 and 57.00 figure.
Crude oil WTI 4-hour chart
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Main Trend: Bearish
Resistance 1: 61.00 figure
Resistance 2: 61.81 April 6 low
Resistance 3: 63.00 figure
Resistance 4: 63.59 June 18 low
Resistance 5: 64.00 figure
Support 1: 59.95 March 8 low
Support 2: 58.07 February 9 low
Support 3: 57.00 figure
Support 4: 55.82 December 7, 2017
Additional key levels at a glance:
WTI
Overview:
Last Price: 59.88
Daily change: -82 pips
Daily change: -1.35%
Daily Open: 60.7
Trends:
Daily SMA20: 65.81
Daily SMA50: 69.59
Daily SMA100: 68.87
Daily SMA200: 68.52
Levels:
Daily High: 60.76
Daily Low: 60.66
Weekly High: 67.73
Weekly Low: 62.61
Monthly High: 76.25
Monthly Low: 64.86
Daily Fibonacci 38.2%: 60.7
Daily Fibonacci 61.8%: 60.72
Daily Pivot Point S1: 60.65
Daily Pivot Point S2: 60.61
Daily Pivot Point S3: 60.55
Daily Pivot Point R1: 60.75
Daily Pivot Point R2: 60.81
Daily Pivot Point R3: 60.85