- Oil is sharply down for the third consecutive day.
- The level to beat for bears are seen at 54.40 and 54.00.
Oil daily chart
WTI (West Texas Intermediate) is melting it is now trading near $55.00 a barrel and well below its main daily simple moving averages (DSMAs).
Oil 4-hour chart
As the oil market is declining sharply bears can potentially drive the market towards 54.40, 54.00 and 53.00 supports.
Oil 30-minute chart
Oil is trading below its main SMAs suggesting bearish pressure in the near term. Immediate resistancess are seen at 56.00 and 56.40.
Additional key levels
Share
