Oil technical analysis: WTI gets hit again as it trades near $57.00 a barrel

Oil is sharply down for the second consecutive day.
The level to beat for bears are seen at 56.40 and 56.00

Oil daily chart

WTI (West Texas Intermediate) is declining sharply below $58.00 a barrel and its main daily simple moving averages (DSMAs).

Oil 4-hour chart

The market is trading below 57.00 and the 50 and 100 SMAs. Bears likley intend to drive the market towards the 56.40 and 56.00 supports.

Oil 30-minute chart

Oil is trading below its main SMAs suggesting bearish momentum in the near term. Immediate resistancess are seen at 57.00, 57.40 and 58.50.

Additional key levels

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Oil technical analysis: WTI gets hit again as it trades near $57.00 a barrel

Oil daily chart

<img width="1707" height="712" decoding="async" alt="" src="https://www.forexcrunch.com/wp-content/uploads/2019/07/daily-636989823777289913.png" style="width: 750px; height: 313px;"> Oil 4-hour chart

<img width="1707" height="712" decoding="async" alt="" src="https://www.forexcrunch.com/wp-content/uploads/2019/07/240-636989823983078767.png" style="width: 750px; height: 313px;"> Oil 30-minute chart

<img width="1707" height="712" decoding="async" alt="" src="https://www.forexcrunch.com/wp-content/uploads/2019/07/30-636989824177451154.png" style="width: 750px; height: 313px;"> Additional key levels

FX Street

Oil 4-hour chart

Oil 30-minute chart

Additional key levels