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8 Jan 2020
Oil Price Analysis: WTI tumbles to $60 a barrel
- WTI had a selloff with a very wide range this Wednesday.
- The level to beat for sellers is the 59 support.
Crude oil daily chart
The crude oil West Texas Intermediate (WTI) is strongly rejecting the 65 handle while trading above the main SMAs.
Crude oil four-hour chart
Black gold is having a sharp selloff to $60 a barrel and the 200 SMA on the four-hour chart. As the bears took control the market is more likely to continue to explore lower prices towards 57 and 55.50 price levels. Resistances are seen near 61, 62 and 63 handles.
Additional key levels