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Oil technical analysis: WTI consolidates losses below $55.00 a barrel

  • WTI is down for the second consecutive day. 
  • The levels to beat for bears is $54.00 a barrel.
 

Oil daily chart

 
WTI (West Texas Intermediate) is trading below $55.00 a barrel and its main daily simple moving averages (SMAs). Oil is down for the second consecutive day as the market rejected the 57.00 level and the 50/200 SMA on Wednesday.

Oil 4-hour chart

 
WTI is consolidating the recent losses between the 54.00 and 55.00 levels. The market is trading below its 100/200 SMA and seems rather weak. A break below 54.00 can lead to 53.00 and 52.00 on the way down. 

Oil 30-minute chart

 
Black gold could find immediate resistance at the 55.00 level as the market is under pressure below its 200 SMA.
 

Additional key levels

 

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