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30 Jul 2019
Oil technical analysis: WTI off the daily highs trading below 57.40 resistance
- WTI is in consolidation mode below 57.40 resistance.
- The levels to beat for bears are seen at 57.00 and $56.00 a barrel
Oil daily chart
WTI (West Texas Intermediate) has been in consolidation mode for the last nine days near the 200-day simple moving averages (DSMA).
Oil 4-hour chart
WTI found some resistance at the 57.40 level below the 100 SMA keeping the range theme intact for now. A break above 57.40 is needed for bulls to potentially reach 58.50 on the way up.
Oil 30-minute chart
WTI is retracing down from the daily tops. The market is trapped between the 57.40 resistance and the 50 SMA. If bears break below 57.00 it can trigger a move down to 56.00 a barrel.
Additional key levels