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Crude Oil 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. 

Crude oil WTI 4-hour chart

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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