Oil technical analysis: Black gold under pressure near $52.00 a barrel

• WTI is under selling pressure.
• The $50.00 mark is the next key support to break for bears.

Oil daily chart

WTI (West Texas Intermediate) is declining steadily within a deep correction as the oil market is trading below its main simple moving averages (SMAs).

Oil 4-hour chart

WTI is under selling pressure below the main SMAs. A break below 50.00 can open the doors to $47.00 a barrel to the downside. Resistance is at 53.00 and 55.00.

Additional key levels