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18 Feb 2019
Oil Technical Analysis: Wedge pattern halts bullish advance near $56.80 a barrel
Oil daily chart
- Crude oil WTI is trading between the 50 and 100 SMA suggesting a sideways market.
Oil 4-hour chart
- Crude oil is trading above the main SMAs suggesting bullish momentum in the medium-term.
- Crude oil is trading in a tight bull channel.
Oil 30-minute chart
- WTI is trading above its main SMAs suggesting bullish momentum in the short-term.
- However, the wedge pattern might see 55.40 and possibly 54.80 revisited to the downside before renewed bullish momentum resumes.
- Resistance is at $56.80 a barrel.
Additional key levels
WTI
Overview:
Today Last Price: 56.38
Today Daily change %: 0.43%
Today Daily Open: 56.14
Trends:
Daily SMA20: 53.85
Daily SMA50: 51.23
Daily SMA100: 55.89
Daily SMA200: 62.86
Levels:
Previous Daily High: 56.22
Previous Daily Low: 54.64
Previous Weekly High: 56.22
Previous Weekly Low: 51.56
Previous Monthly High: 55.48
Previous Monthly Low: 44.52
Daily Fibonacci 38.2%: 55.62
Daily Fibonacci 61.8%: 55.24
Daily Pivot Point S1: 55.11
Daily Pivot Point S2: 54.09
Daily Pivot Point S3: 53.53
Daily Pivot Point R1: 56.69
Daily Pivot Point R2: 57.25
Daily Pivot Point R3: 58.27