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Oil technical analysis: WTI trading at weekly lows, challenging $56.00 a barrel

  • Crude ends the week keeping the consolidation theme unchanged.
  • The level to beat for sellers is the 56.00 figure.

 

Crude oil daily chart

 
The crude oil West Texas Intermediate (WTI) is challenging $56.00 a barrel and the 100-day simple moving average (DMA). The market has been consolidating for the most of the week.
 

Crude oil four-hour chart

 
The market is ranging above its main SMAs, keeping a somewhat bullish bias above the 56.00 support level. Bulls would need a daily close above 57.50 to resume the bull move.  
 

Crude oil 30-minute chart

 
WTI is trading below its main SMA, suggesting bearish momentum in the near term. However, sellers need to overcome the 56.00 handle. A break below the level can lead to 55.40 support and the 55.00 figure. 
 

Additional key levels

 

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