Oil Technical Analysis: WTI slumps to 2-week low near $63.00 a barrel

Oil daily chart

• WTI is trading in a bull trend above its main simple moving averages (SMAs).
• WTI is currently having the worst daily decline since December 2018.

Oil 4-hour chart

• The market is trading below its 50 and 100 SMAs suggesting a correction down.
• The market is likely going to continue to decline towards 62.50 level. The next supports in line are seen at 61.80 and 60.50.
• Resistances are seen at 64.00 and 65.00 level.

Additional key levels