20 Nov 2018

Crude Oil WTI Technical Analysis: Black Gold plunges to a new 2018 low - How low is too low for greedy bears?

Crude oil 4-hour chart

Crude oil is trading in a steep bear trend below the 200-period simple moving average.
Crude oil took yet another hit as bears are pushing the commodity to a new 2018 low.
Technical indicators are in bearish territories. It remains to be seen how far the bears can really push the market in the short term as oil is quite overstretched to the downside. 56.00 is the target for bulls.

Additional key levels at a glance:

WTI

Overview:
    Last Price: 54.05
    Daily change: -3.3e+2 pips
    Daily change: -5.77%
    Daily Open: 57.36
Trends:
    Daily SMA20: 61.06
    Daily SMA50: 67.43
    Daily SMA100: 67.91
    Daily SMA200: 68.19
Levels:
    Daily High: 57.42
    Daily Low: 57.3
    Weekly High: 60.93
    Weekly Low: 55.21
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 57.37
    Daily Fibonacci 61.8%: 57.35
    Daily Pivot Point S1: 57.3
    Daily Pivot Point S2: 57.24
    Daily Pivot Point S3: 57.18
    Daily Pivot Point R1: 57.42
    Daily Pivot Point R2: 57.48
    Daily Pivot Point R3: 57.54

Crude Oil WTI Technical Analysis: Black Gold plunges to a new 2018 low - How low is too low for greedy bears?

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