Home Oil technical analysis: WTI stabilizing above $56.00 a barrel after last week decline

Oil technical analysis: WTI stabilizing above $56.00 a barrel after last week decline

Updated: 23 Jul. 2019 | 20:47

WTI crude oil is stabilizing above $56.00 a barrel.
The level to beat for bulls are at 57.00 and 57.42.

Oil daily chart

WTI (West Texas Intermediate) stabilizing above 56.00 as the market is trading below its main daily simple moving averages (DSMAs). The market is consolidating last week losses.

Oil 4-hour chart

The market is challenging the 57.00 resistance and the 200 SMA. A break above this resistance can lead to 57.40 and 58.42 on the way up. Support is seen at 56.00 and 55.00.

Additional key levels

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.