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Oil daily chart

  • WTI is trading in a bull trend above its main simple moving averages (SMAs).
  • The market is consolidating yesterday’s gains.

Oil 4-hour chart

  • WTI is trading below its main SMAs as the market is correcting the bull breakout seen on Monday.

Oil 30-minute chart

  • WTI is trading below its main SMAs suggesting bearish momentum in the short-term.
  • Supports to the downside can be seen at 61.00 and 60.25. A break below 60.25 can lead to 58.50 support.
  • Immediate resistance is at 61.80 and 62.60 level.  

Additional key levels