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Oil technical analysis: WTI collapse below $55 barrel as Trump adds fuel to the trade war fire

FX Street
Updated:
  • WTI is impacted hard as Trump plans to impose more tariffs on China.  
  • The levels to beat for bears are seen at 54.00 and $53.00 a barrel.
 

Oil daily chart

 
WTI (West Texas Intermediate) is down almost $4 this Thursday trading below its main daily simple moving averages (DSMA) as US President Trump plan to impose additional 10% tariff on remaining $300 bln of Chinese imports to US starting Sept 1.
 

Oil 30-minute chart

 
WTI is slicing through many layers of supports as the sellers are being relentless. The next potential supports to watch for can be located at the 54.00 and 53.00 level.  
 
 

Additional key levels

 

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