Home Oil technical analysis: WTI plummets as the market challenges $57.00 a barrel

Oil technical analysis: WTI plummets as the market challenges $57.00 a barrel

Published date: 2 Jul. 2019 | 17:52

Oil is falling sharply from the recent swing high.
Bears are challenging the 56.70 support.

Oil daily chart

WTI (West Texas Intermediate) is retreating from recent highs near $60.00 a barrel. The market is dropping below its main daily simple moving averages (DSMAs).

Oil 4-hour chart

Oil is attempting to break below 56.70 support and the 200 SMA. A break below the level could open the door to more losses towards 55.00. Resistancea are seen at the 58.00 and 59.00 levels.

Additional key levels

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Oil technical analysis: WTI plummets as the market challenges $57.00 a barrel

Oil daily chart

<img width="1707" height="712" decoding="async" alt="" src="https://www.forexcrunch.com/wp-content/uploads/2019/07/daily-636976792031754892.png" style="width: 750px; height: 313px;"> Oil 4-hour chart

<img width="1707" height="712" decoding="async" alt="" src="https://www.forexcrunch.com/wp-content/uploads/2019/07/240-636976792356448638.png" style="width: 750px; height: 313px;"> Additional key levels

FX Street

Oil 4-hour chart

Additional key levels