Oil technical analysis: WTI finds resistance at $55.00 a barrel

• WTI is still under selling pressure below $55.00 a barrel.
• $53.00 remains exposed to the downside.

Oil daily chart

WTI (West Texas Intermediate) remain under pressure below the main simple moving averages (SMAs).

Oil 4-hour chart

WTI regained some strength above 53.00. However, the market will need to clear the 55.00 resistance and the 50 SMA to travel north towards 57.00. Support is seen at 53.00 and 52.00.

Additional key levels