Oil technical analysis: WTI is under pressure at 4-day lows as bears challenge $56.00 a barrel

WTI is under pressure near $56.00 a barrel and 4-day lows.
The levels to beat for bears are located at 56.00 and 55.00 figure.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is trading below the 56.00 figure and its main daily simple moving averages (DSMAs) suggesting a downward bias.

Oil 4-hour chart

WTI is attempting to break below the 56.00 support while below the main SMAs, suggesting bearish momentum in the medium term. While below 56.00 bears can try to drive the market south towards 55.00 and 54.00 support. Resistances can be located at 57.00 and 57.40 level.

Additional key levels

WTI

Overview
Today last price	55.9
Today Daily Change	-0.05
Today Daily Change %	-0.09
Today daily open	55.95

Trends
Daily SMA20	57.7
Daily SMA50	56.96
Daily SMA100	59.42
Daily SMA200	56.76

Levels
Previous Daily High	57.02
Previous Daily Low	55.85
Previous Weekly High	60.98
Previous Weekly Low	54.87
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	56.57
Daily Fibonacci 61.8%	56.3
Daily Pivot Point S1	55.53
Daily Pivot Point S2	55.1
Daily Pivot Point S3	54.36
Daily Pivot Point R1	56.7
Daily Pivot Point R2	57.44
Daily Pivot Point R3	57.87

Author

Flavio Tosti

Independent Analyst

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