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29 Jul 2019
Oil technical analysis: WTI confined below $57.00 a barrel in the New York session
- WTI extends the consolidation theme between $56.00 a barrel and 57.00 resistance.
- The levels to beat for bears are seen at 56.00 and 55.00 figure.
Oil daily chart
WTI (West Texas Intermediate) is consolidating below $57.00 a barrel for the 8th consecutive day as the market is below its main daily simple moving averages (DSMAs).
Oil 4-hour chart
WTI found resistance at the 57.00 mark and the 200 SMA keeping the consolidation theme intact for now.
Oil 30-minute chart
Earlier in the New York session, the market attempted to reach the 57.00 level but the market seems reluctant to break above this level just yet. The market is currently balanced between the 56.00 and 57.00 levels. However, bears would need a break below 56.00 to reach 55.00 on the way down.
Additional key levels