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Oil daily chart

  • WTI is trading in a bull trend above its main simple moving averages (SMAs).
  • WTI is currently having the worst daily decline since December 2018.

Oil 4-hour chart

  • The market is trading below its 50 and 100 SMAs suggesting a correction down.
  • The market is likely going to continue to decline towards 62.50 level. The next supports in line are seen at 61.80 and 60.50.
  • Resistances are seen at 64.00 and 65.00 level.

Additional key levels