23 Jul 2019
Oil technical analysis: WTI stabilizing above $56.00 a barrel after last week decline
- WTI crude oil is stabilizing above $56.00 a barrel.
- The level to beat for bulls are at 57.00 and 57.42.
Oil daily chart
WTI (West Texas Intermediate) stabilizing above 56.00 as the market is trading below its main daily simple moving averages (DSMAs). The market is consolidating last week losses.
Oil 4-hour chart
The market is challenging the 57.00 resistance and the 200 SMA. A break above this resistance can lead to 57.40 and 58.42 on the way up. Support is seen at 56.00 and 55.00.
