Oil technical analysis: WTI fragile below 60.00 in the aftermath of last week selloff
|- The API crude oil stock will be released on Wednesday instead of Tuesday as Monday was Memorial Day in the US.
- Crude oil is trading near $59.00 a barrel as the market is consolidating the worst weekly decline in a year seen last week.
Oil daily chart
On the daily time frame, the WTI oil (West Texas Intermediate) is trading below its 50 and 200 simple moving averages (SMAs) while holding just above the 100 SMA near $59.00 a barrel
WTI is consolidating last week losses near the 59.00 level and below its main SMAs.
This Tuesday the market rejected the 59.65 resistance (discussed on Monday). The market is still rather week especially below the 60.00 figure and the 200 SMA. A down move towards 58.50 and $58.00 a barrel can be on the cards for bears.
Additional key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.