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.  
 

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

 

 

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