News

Oil technical analysis: The downside prevails below $64.00 a barrel

Oil daily chart

WTI (West Texas Intermediate) is in consolidation mode below $64.00 a barrel.


Oil 4-hour chart

On the 4-hour chart, WTI is trading between the 200 and the 100 simple moving averages (SMAs) suggesting a potential correction down in the near term.


Oil 30-minute chart

WTI is trading below the 63.00 figure and the 50/100 SMAs suggesting further down move. Bears will need to overcome 62.70 and 62.50 support to travel to 61.05 support. Resistances are seen at 63.40 and 63.80 levels. A bullish break above 64.00 might invalidate the bearish bias.

Additional key levels

Articles You May Like

Video: A look at implied volatility in the week ahead and euro crosses
Forex Trading For Beginners Tips On How To Get Started
USD/JPY extends climb as risk assets get a bit of a lift on the day
EUR/USD attempts a recovery above 1.1000 ahead of ECB
LIVE Forex Trading – NY Session 12th September 2019

Leave a Reply

Your email address will not be published. Required fields are marked *