WTI Technical Analysis: Slogging it out near the bottom, bidders seeking $57.00

• The last twenty-four hours saw US crude dip into the 55.00 critical level before immediately rebounding to familiar resistance levels near 57.00.

WTI Chart, 5-Minute

• Despite some shocks to the downside, American crude barrels are holding steadily above the near-term bottom at 54.75 as energies traders recover from several months of headline-fueled shock selling.

WTI Chart, 30-Minute

• WTI's six-week decline shows just how far critical energy has declined, and even a straight bounce to the 38.2% Fibo retracement level at 63.25 will still see WTI maintain a bearish stance in the medium-term.

WTI Chart, 4-Hour