Oil technical analysis: WTI collapses below $55 barrel as Trump adds fuel to the trade war fire

WTI is impacted hard as Trump plans to impose more tariffs on China.
The levels to beat for bears are seen at 54.00 and $53.00 a barrel.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is down almost $4 this Thursday trading below its main daily simple moving averages (DSMA) as US President Trump plan to impose additional 10% tariff on remaining $300 bln of Chinese imports to US starting Sept 1.

Oil 30-minute chart

WTI is slicing through many layers of supports as the sellers are being relentless. The next potential supports to watch for can be located at the 54.00 and 53.00 level.

Additional key levels

WTI

Overview
Today last price	54.32
Today Daily Change	-3.59
Today Daily Change %	-6.20
Today daily open	57.91

Trends
Daily SMA20	57.63
Daily SMA50	56.54
Daily SMA100	59.42
Daily SMA200	56.57

Levels
Previous Daily High	58.84
Previous Daily Low	57.83
Previous Weekly High	57.66
Previous Weekly Low	55.36
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	58.22
Daily Fibonacci 61.8%	58.45
Daily Pivot Point S1	57.55
Daily Pivot Point S2	57.18
Daily Pivot Point S3	56.54
Daily Pivot Point R1	58.56
Daily Pivot Point R2	59.2
Daily Pivot Point R3	59.57

Author

Flavio Tosti

Independent Analyst

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