Oil technical analysis: WTI continues bleeding, trading near $55.00 a barrel

WTI (West Texas Intermediate) is melting it is now trading near $55.00 a barrel and well below its main daily simple moving averages (DSMAs). Oil 4-ho  |  18/07/2019 17:03
  • Oil is sharply down for the third consecutive day.
  • The level to beat for bears are seen at 54.40 and 54.00. 

Oil daily chart
 

WTI (West Texas Intermediate) is melting it is now trading near $55.00 a barrel and well below its main daily simple moving averages (DSMAs).


Oil 4-hour chart


As the oil market is declining sharply bears can potentially drive the market towards 54.40, 54.00 and 53.00 supports. 


Oil 30-minute chart


Oil is trading below its main SMAs suggesting bearish pressure in the near term. Immediate resistancess are seen at 56.00 and 56.40. 


Additional key levels

 

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