Oil Technical Analysis: WTI starts the week with a slump towards $63.00 a barrel

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Oil daily chart

  • WTI is trading in a bull trend above its main simple moving averages (SMAs).

Oil 4-hour chart

  • Crude oil WTI is trading below its main 50 SMA suggesting a correction in the medium-term.

Oil 30-minute chart

  • WTI is trading below its main SMAs suggesting a bearish bias in the short-term.
  • The market can decline towards 63.00 and 62.60 level. 
  • Resistance is seen at 63.50 and 64.00 figure. 

Additional key levels

 

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