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2 Dec 2019
Oil Technical Analysis: WTI correcting Friday’s drop near $56.00 a barrel
- WTI consolidates Friday’s losses near $56.00 a barrel.
- The level to beat for bears is the 56.00 handle.
Crude oil daily chart
The crude oil West Texas Intermediate (WTI) is currently trading near $56.00 a barrel and the 50/100 DMAs consolidating Friday’s drop.
Crude oil four-hour chart
WTI is correcting the bear breakout below the 200 SMA on the four-hour chart. The market seems vulnerable to the downside. However, more consolidation might be on the cards in the medium term.
Crude oil 30-minute chart
The is trading below its main SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 56.40 level and the 57.00 handle. Sellers are likely looking for a daily close below the 56.00 level to drive the price south towards the 54.50 level.
Additional key levels