The price of WTI Oil recently was in a dynamic upward trend, where both the upward trend line and the 20-period SMA were well respected. However, in the area of resistance at 53.20 supply emerged and after breaking the 20 SMA price consolidated over support at 52.70.
Currently H1 chart shows that support at 52.70 was broken. This situation points to potential for further declines. The closest target then will be support at 51.80. Another significant level after breaking 51.80 is visible at 50.80. It first played role of resistance and then support in the first days of the current month.
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