Oil Technical Analysis: WTI diving to daily lows near $61.00 a barrel

Oil daily chart

• WTI is trading in a bull trend above its main simple moving averages (SMAs).
• The market is consolidating yesterday’s gains.

Oil 4-hour chart

• WTI is trading below its main SMAs as the market is correcting the bull breakout seen on Monday.

Oil 30-minute chart

• WTI is trading below its main SMAs suggesting bearish momentum in the short-term.
• Supports to the downside can be seen at 61.00 and 60.25. A break below 60.25 can lead to 58.50 support.
• Immediate resistance is at 61.80 and 62.60 level.