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