Crude Oil WTI Technical Analysis: Black Gold continues its descent as bearish EIA data sends WTI to $61.00 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.
- In reaction to the EIA data, oil lost almost $1 in a few minutes. Oil inventories rose to 5.7M versus 2.43M in the week to November 2 which was seen as very bearish by the market.
- Oil is now continuing its descent reaching the 61.00 figure. While some consolidation up towards 62.00 can take place the momentum remains clearly to the downside.
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: 61.00 figure
Support 2: 59.95 March 8 low
Support 3: 58.07 February 9 low
Support 4: 55.82 December 7, 2017
Additional key levels at a glance:
GBP/USD
Overview:
Last Price: 1.3134
Daily change: 37 pips
Daily change: 0.283%
Daily Open: 1.3097
Trends:
Daily SMA20: 1.2998
Daily SMA50: 1.3029
Daily SMA100: 1.3039
Daily SMA200: 1.3419
Levels:
Daily High: 1.31
Daily Low: 1.3021
Weekly High: 1.3042
Weekly Low: 1.2696
Monthly High: 1.326
Monthly Low: 1.2696
Daily Fibonacci 38.2%: 1.307
Daily Fibonacci 61.8%: 1.3051
Daily Pivot Point S1: 1.3045
Daily Pivot Point S2: 1.2993
Daily Pivot Point S3: 1.2966
Daily Pivot Point R1: 1.3125
Daily Pivot Point R2: 1.3152
Daily Pivot Point R3: 1.3204
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