Crude Oil WTI Technical Analysis: Black Gold takes yet another hit as WTI collapses below $62.00 a barrel

• 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: