Oil Technical Analysis: WTI at daily lows near $59.00 a barrel

Oil daily chart

• Oil is trading above the 50 and 100-day simple moving averages (SMAs) suggesting a bullish bias.

Oil 4-hour chart

• Crude oil WTI is trading above its main SMAs suggesting a bullish bias in the medium-term.

Oil 30-minute chart

• Oil is trading below its main SMAs suggesting bearish momentum in the near-term.
• Support is at 58.60, 58.40 and 58.00 level. 
• To the upside, bulls will be looking at the 59.30, 59.75 and 60.20 resistances. 

Additional key levels