Oil technical analysis: WTI consolidates gains after the overnight spike
|- The overnight spike up seems to be running out of steam.
- A consolidation below 53.60 and the 200 SMA is taking place.
Oil daily chart
WTI (West Texas Intermediate) is trading in a bear trend below its main simple moving averages (SMAs).
The market is testing $53.00 a barrel and the 50 SMA.
Oil 30-minute chart
The market spiked up to 53.60 and is now consolidating the gains below the 200 SMA. Support is at 52.40 and 52.00 figure. The level to beat for bulls is 53.60 in order to get to 54.20 and 54.80.
Additional key levels
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