15 Nov 2019
Oil Technical Analysis: WTI challenges weekly highs near $58.00 a barrel
- After ranging throughout the week, crude oil is accelerating towards the 58.00 handle.
- The level to beat for bulls is the 58.00 resistance.
Crude oil daily chart
The crude oil West Texas Intermediate (WTI) is currently holding above $57.00 a barrel and the 200-day simple moving average (DMA). The market has been trading sideways throughout the first half of November.
Crude oil four-hour chart
WTI is trading above the main SMAs, keeping the bullish bias intact while above the 56.00 support level. Buyers are likely looking for a daily breakout above the 58.00 level to potentially drive WTI towards the 59.00 and 60.00 price levels.
Crude oil 30-minute chart
The market is challenging the weekly highs and the 58.00 figure while currently above the main SMAs. Support is seen at the 57.50 level followed by 57.00 and the 56.40 levels.
Additional key levels