Oil Technical Analysis: WTI slumps to 2-week low near $63.00 a barrel

FX Street

Updated: 26 Apr. 2019 | 16:52

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

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