Crude Oil Technical Analysis: WTI melts down sub-$62.00 a barrel

Oil daily chart

• WTI is trading in a bull trend above its main simple moving averages (SMAs).
• WTI is back to April’s lows near 62.00 figure.

Oil 4-hour chart

• Oil is trading below its main SMAs suggesting a bearish momentum in the medium-term.

Oil 30-minute chart

• WTI is trading below its main SMAs suggesting a downward bias in the short-term.
• A break below 61.75 can see an extension of the bear leg towards 61.10.
• Resistance is at 62.50 and 63.25 level.

Additional key levels