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Oil daily chart

  • WTI is trading in a bull trend above its main simple moving averages (SMAs).
  • WTI is back to April’s lows near 62.00 figure.

Oil 4-hour chart

 

  • Oil is trading below its main SMAs suggesting a bearish momentum in the medium-term.

Oil 30-minute chart

  • WTI is trading below its main SMAs suggesting a downward bias in the short-term.
  • A break below 61.75 can see an extension of the bear leg towards 61.10.
  • Resistance is at 62.50 and 63.25 level.

Additional key levels