Oil daily chart
- WTI is trading in a bull trend above its main simple moving averages (SMAs).
- WTI is currently having the worst daily decline since December 2018.
Oil 4-hour chart
- The market is trading below its 50 and 100 SMAs suggesting a correction down.
- The market is likely going to continue to decline towards 62.50 level. The next supports in line are seen at 61.80 and 60.50.
- Resistances are seen at 64.00 and 65.00 level.
Additional key levels