Oil Price Analysis: WTI trades at its lowest since January 2019

WTI is trading in 14-month lows as bears remain in control.
The path of least resistance is to the downside with 48 and $46 a barrel as potential targets.

Flavio Tosti Independent Analyst

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) is trading at 14-month low under $50 a barrel.

Crude oil four-hour chart

Black gold is trading below the 49.60 support level while below the main simple moving averages on the four-hour chart (SMAs). The path of least resistance is to the downside as the market has room to fall further towards the 48 and 46 levels.

Additional key levels

WTI

Overview
Today last price	51.72
Today Daily Change	1.90
Today Daily Change %	3.81
Today daily open	49.82

Trends
Daily SMA20	51.65
Daily SMA50	56.28
Daily SMA100	56.33
Daily SMA200	56.3

Levels
Previous Daily High	52.06
Previous Daily Low	49.74
Previous Weekly High	54.69
Previous Weekly Low	51.18
Previous Monthly High	65.45
Previous Monthly Low	51.05
Daily Fibonacci 38.2%	50.63
Daily Fibonacci 61.8%	51.17
Daily Pivot Point S1	49.02
Daily Pivot Point S2	48.23
Daily Pivot Point S3	46.71
Daily Pivot Point R1	51.34
Daily Pivot Point R2	52.85
Daily Pivot Point R3	53.65

Author

Flavio Tosti

Independent Analyst

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