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  • Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart.
  • Bears extended the bear trend almost reaching the 61.00 figure. The bear momentum remains intact although some consolidation towards 62.00 and 63.00 could be on the cards in the near-term. The RSI, MACD and Stochastic indicators remain negative.
  • Targets to the downside are seen near 59.95 (March 8 low) and 58.07 (February 9 low).  
     

Crude oil WTI 4-hour chart

Main Trend:              Bearish

Resistance 1:           61.81 April 6 low
Resistance 2:           63.00 figure
Resistance 3:           63.59 June 18 low
Resistance 4:           64.00 figure

Support 1:             59.95 March 8 low
Support 2:             58.07 February 9 low
Support 3:             55.82 December 7, 2017

Additional key levels at a glance:

WTI

Overview:
       Last Price:  61.64
       Daily change:  -1.2e+2  pips
       Daily change:  -1.91%
       Daily Open:  62.84
Trends:
       Daily SMA20:  67.41
       Daily SMA50:  70.02
       Daily SMA100:  69.14
       Daily SMA200:  68.54
Levels:
       Daily High:  62.9
       Daily Low:  62.71
       Weekly High:  67.73
       Weekly Low:  62.61
       Monthly High:  76.25
       Monthly Low:  64.86
       Daily Fibonacci 38.2%:  62.83
       Daily Fibonacci 61.8%:  62.78
       Daily Pivot Point S1:  62.73
       Daily Pivot Point S2:  62.63
       Daily Pivot Point S3:  62.54
       Daily Pivot Point R1:  62.92
       Daily Pivot Point R2:  63.01
       Daily Pivot Point R3:  63.11