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  • Crude oil is bouncing  from the October lows.
  • WTI is consolidating near the 56.00 handle this Friday.  

Crude oil daily chart

The crude oil West Texas Intermediate (WTI) is recovering from the October lows trading near $56.00 a barrel and above the 50 and 100-day simple moving averages (DMAs).  

Crude oil four-hour chart

WTI is consolidating the recent bullish breakout while holding on above its main SMAs on the four-hour chart. Bulls seem to have taken the helm and next week 57.50 and 59.00 can become the new targets for buyers.  

Crude oil 30-minute chart

WTI is trading above its main SMA, suggesting bullish momentum in the near term. Support can be seen at the 55.40 and 55.00 price levels.  

Additional key levels