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

UK Finance May mortgage approvals 42.4k vs 41.0k expected
Best Secret FX Trading Strategies (#1 Strategy for 2019)
CAD: Depreciation explains why prices in Canada outpaced those in the US – NBF
USD/CHF technical analysis: Bears take full control, hammered down to fresh 5-month lows
USD/CHF shorts were the best FX trade this week

Leave a Reply

Your email address will not be published.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