WTI Oil Technical Analysis: bearish pin bar makes today's close pivotal
WTI oil could suffer a deeper pullback in the next week if prices close below $53.64 today, validating the bearish pin bar candle created yesterday.
Daily chart
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As seen above, WTI rose to $55.35 yesterday - the highest level since Nov. 21 - before ending the day with moderate losses at $53.98.
Essentially, WTI created a bearish pin bar, which indicates the day began with optimism but ended on a pessimistic note. As a result, that candlestick is widely considered an early sign of bullish-to-bearish trend change.
The bearish reversal would be confirmed if prices close today below $53.65 - the low of yesterday's bearish pin bar. That could yield a deeper drop to the psychological support of $50.00 in the next week.
Trend: bearish
WTI
Overview:
Today Last Price: 53.86
Today Daily change: -0.29 pips
Today Daily change %: -0.54%
Today Daily Open: 54.15
Trends:
Daily SMA20: 52.56
Daily SMA50: 50.72
Daily SMA100: 58.11
Daily SMA200: 63.49
Levels:
Previous Daily High: 55.48
Previous Daily Low: 53.75
Previous Weekly High: 54.51
Previous Weekly Low: 51.91
Previous Monthly High: 55.48
Previous Monthly Low: 44.52
Daily Fibonacci 38.2%: 54.41
Daily Fibonacci 61.8%: 54.82
Daily Pivot Point S1: 53.44
Daily Pivot Point S2: 52.73
Daily Pivot Point S3: 51.71
Daily Pivot Point R1: 55.17
Daily Pivot Point R2: 56.19
Daily Pivot Point R3: 56.9