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22 Oct 2019
Oil technical analysis: WTI challenging two-day highs, trading near $54.60 a barrel
- The Crude Oil West Texas Intermediate (WTI) is trading at two-day highs still below $55.00 a barrel.
- The level to beat for buyers is the 55.00 resistance.
Crude oil daily chart
The Crude Oil West Texas Intermediate (WTI), on the daily chart, is trading sideways below its main daily simple moving averages (DSMAs).
Crude oil four-hour chart
WTI broke above 54.00 as the market is en route towards 55.00 resistance. A break above this level can open the doors to further gains towards the 56.00 level above the 200 SMA on the four-hour chart.
Crude oil 30-minute chart
WTI is trading above its main SMA, suggesting bullish momentum in the near term. Support can be seen at the 54.00 level and 53.00 price levels.
Additional key levels