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Oil Technical Analysis: Target achieved as Black Gold surges to $54.00 a barrel

Oil weekly chart

Oil 4-hour chart

  • Oil is attempting to break above the 100 SMA. 
  • The bullish target for next week can be located near 56.00 figure.

Oil 30-minute chart

  • 54.00 is currently providing strong resistance.
  • In the short-term, oil might correct down to 53.00 or 52.00 figure.

Additional key levels

WTI

Overview:
    Today Last Price: 53.65
    Today Daily change: 2.2e+2 pips
    Today Daily change %: 4.22%
    Today Daily Open: 51.48
Trends:
    Previous Daily SMA20: 53.27
    Previous Daily SMA50: 60.96
    Previous Daily SMA100: 65.46
    Previous Daily SMA200: 67.24
Levels:
    Previous Daily High: 51.74
    Previous Daily Low: 51.47
    Previous Weekly High: 52.13
    Previous Weekly Low: 49.64
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 51.57
    Previous Daily Fibonacci 61.8%: 51.64
    Previous Daily Pivot Point S1: 51.39
    Previous Daily Pivot Point S2: 51.29
    Previous Daily Pivot Point S3: 51.12
    Previous Daily Pivot Point R1: 51.66
    Previous Daily Pivot Point R2: 51.83
    Previous Daily Pivot Point R3: 51.93

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