Oil technical analysis: WTI fragile below 60.00 in the aftermath of last week selloff

• The API crude oil stock will be released on Wednesday instead of Tuesday as Monday was Memorial Day in the US.
• Crude oil is trading near $59.00 a barrel as the market is consolidating the worst weekly decline in a year seen last week.

Oil daily chart

On the daily time frame, the WTI oil (West Texas Intermediate) is trading below its 50 and 200 simple moving averages (SMAs) while holding just above the 100 SMA near $59.00 a barrel

Oil 4-hour chart

WTI is consolidating last week losses near the 59.00 level and below its main SMAs.

Oil 30-minute chart

This Tuesday the market rejected the 59.65 resistance (discussed on Monday). The market is still rather week especially below the 60.00 figure and the 200 SMA. A down move towards 58.50 and $58.00 a barrel can be on the cards for bears.

Additional key levels