Oil technical analysis: WTI continues bleeding, trading near $55.00 a barrel

• Oil is sharply down for the third consecutive day.
• The level to beat for bears are seen at 54.40 and 54.00. 

Oil daily chart
 

WTI (West Texas Intermediate) is melting it is now trading near $55.00 a barrel and well below its main daily simple moving averages (DSMAs).

Oil 4-hour chart

As the oil market is declining sharply bears can potentially drive the market towards 54.40, 54.00 and 53.00 supports. 

Oil 30-minute chart

Oil is trading below its main SMAs suggesting bearish pressure in the near term. Immediate resistancess are seen at 56.00 and 56.40. 

Additional key levels