Crude Oil WTI Technical Analysis: Black Gold takes yet another hit as WTI collapses below $62.00 a barrel
- Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart.
- Bears extended the bear trend almost reaching the 61.00 figure. The bear momentum remains intact although some consolidation towards 62.00 and 63.00 could be on the cards in the near-term. The RSI, MACD and Stochastic indicators remain negative.
- Targets to the downside are seen near 59.95 (March 8 low) and 58.07 (February 9 low).
Crude oil WTI 4-hour chart
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Main Trend: Bearish
Resistance 1: 61.81 April 6 low
Resistance 2: 63.00 figure
Resistance 3: 63.59 June 18 low
Resistance 4: 64.00 figure
Support 1: 59.95 March 8 low
Support 2: 58.07 February 9 low
Support 3: 55.82 December 7, 2017
Additional key levels at a glance:
WTI
Overview:
Last Price: 61.64
Daily change: -1.2e+2 pips
Daily change: -1.91%
Daily Open: 62.84
Trends:
Daily SMA20: 67.41
Daily SMA50: 70.02
Daily SMA100: 69.14
Daily SMA200: 68.54
Levels:
Daily High: 62.9
Daily Low: 62.71
Weekly High: 67.73
Weekly Low: 62.61
Monthly High: 76.25
Monthly Low: 64.86
Daily Fibonacci 38.2%: 62.83
Daily Fibonacci 61.8%: 62.78
Daily Pivot Point S1: 62.73
Daily Pivot Point S2: 62.63
Daily Pivot Point S3: 62.54
Daily Pivot Point R1: 62.92
Daily Pivot Point R2: 63.01
Daily Pivot Point R3: 63.11