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  • After several days of range, WTI eventually dropped to 11-day lows.  
  • The level to beat for bears is the 55.50 support.

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) is currently trading just below $56.00 a barrel and the 100/200-day simple moving averages (DMAs).  

Crude oil four-hour chart

WTI is sliding below the 56.00 handle and the 50 and 100 SMAs, driving prices to 11-day lows. The level to beat for sellers become the 55.50 level, which was important in October. A successful break below this level can lead to 54.50 in the medium term.  

Crude oil 30-minute chart

The is trading below its main SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 56.04, 56.40 and 57.00 handle.  

Additional key levels