Oil technical analysis: WTI remains fragile below $55.00 a barrel

• The API Crude Oil Stock is scheduled for 21:30 this Tuesday.
• WTI remains under strong selling pressure as bears are challenging $53.00 a barrel

Oil daily chart

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

Oil 4-hour chart

WTI remains under selling pressure below the main SMAs. A beak below 53.00 can open the doors to 50.00 a barrel to the downside. Further down lies 47.00 support. Resistance is at 55.00, 57.00 and 59.80.

Additional key levels