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  • Oil is under pressure since it spiked up in mid-September.  
  • The level to beat for bears is $54.00 a barrel.
 

Oil daily chart  

 
WTI (West Texas Intermediate) is trading in a bear trend below its main daily simple moving averages (SMAs).  

Four-hour chart

 
The market is challenging $54.00 a barrel while trading below its main SMAs. All-in-all suggesting bearish momentum in the medium term. A break of 54.00 support can lead to a drop to the 52.00 level. Resistance is seen at the 55.00 and 56.00 level.  

Additional key levels