WTI Crude Oil Slipped to Biggest Weekly Loss – Technical Outlook

Posted Friday, May 24, 2019 by
Arslan Butt • 1 min read

Oil prices recover but seem set for a most significant weekly loss of 2019. On Friday, WTI crude oil prices recovered more than 1%, but before this change, prices were on the way to a massive weekly loss. Rising stockpiles and anxiety over an economic slowdown began significant drops in crude oil earlier in the week.

US West Texas Intermediate ( WTI ) crude oil is up 1.3%, at $58.65 per barrel. In addition, OPEC has maintained supply cuts since the start of the year aimed at strengthening the market and decreasing prices.

Crude Oil – Technical Analysis
On the technical front, crude oil is facing support around $57.30, and at the same time, the black gold stays in the oversold zone.

As you can see on the 4-hour chart below, we have applied the Fibonacci retracement indicator, which is likely to provide resistance around 23.6% level at $58.65 and 38.2% retracement at $59.45.

Support Resistance
58.88 62.64
56.65 66.41
55.11 1310.13
Key Trading Level: 60.42

Crude Oil – Trading Signal
The idea is to stay bullish above $58 with a stop loss below $56.75 and take profit of $60.

Good luck!

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