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25 Jul 2019
Oil technical analysis: Crude oil bears drive WTI near 3-day lows
- WTI is under pressure near $56.00 a barrel and 3-day lows.
- The levels to beat for bears are at 56.00 and $55.00 a barrel.
Oil daily chart
WTI (West Texas Intermediate) is trading just below the 56.00 figure and its main daily simple moving averages (DSMAs) suggesting a bearish bias.
Oil 4-hour chart
WTI is challenging the 56.00 support while below its main SMAs, suggesting bearish momentum in the medium term. If the bears break below 56.00 they can drive the market south towards 55.00 and 54.00 support. Resistance can be located at 57.00 and 57.40 level.
Additional key levels