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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 as the barrel of oil is having the longest losing streak since 1984.
  • Bears assaulted the commodity one more time and brought WTI below $60.00 this Friday. While WTI is oversold small pullbacks up can be expected however the trend remains firmly bearish.  
  • Targets to the downside can be seen near 58.07 and 57.00 figure.  

Crude oil WTI 4-hour chart

Main Trend:              Bearish

Resistance 1:           61.00 figure  
Resistance 2:           61.81 April 6 low
Resistance 3:           63.00 figure
Resistance 4:           63.59 June 18 low
Resistance 5:           64.00 figure

Support 1:             59.95 March 8 low
Support 2:             58.07 February 9 low
Support 3:             57.00 figure
Support 4:             55.82 December 7, 2017

Additional key levels at a glance:

WTI

Overview:
       Last Price:  59.88
       Daily change:  -82  pips
       Daily change:  -1.35%
       Daily Open:  60.7
Trends:
       Daily SMA20:  65.81
       Daily SMA50:  69.59
       Daily SMA100:  68.87
       Daily SMA200:  68.52
Levels:
       Daily High:  60.76
       Daily Low:  60.66
       Weekly High:  67.73
       Weekly Low:  62.61
       Monthly High:  76.25
       Monthly Low:  64.86
       Daily Fibonacci 38.2%:  60.7
       Daily Fibonacci 61.8%:  60.72
       Daily Pivot Point S1:  60.65
       Daily Pivot Point S2:  60.61
       Daily Pivot Point S3:  60.55
       Daily Pivot Point R1:  60.75
       Daily Pivot Point R2:  60.81
       Daily Pivot Point R3:  60.85