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Oil Price Analysis: WTI consolidates little after huge January drop

  • WTI is having a small consolidation after a huge selloff in January. 
  • Immediate resistance is seen at $52 a barrel.
 

Crude oil daily chart

 
The crude oil West Texas Intermediate (WTI) was sold off consistently throughout January. The market is having a small rebound from $50 a barrel while trading well below the main SMAs. 
 

Crude oil four-hour chart

 
Black gold is having a small consolidation below the main SMAs as bears are looking for an extension of the bear trend below the 49.60 level. On the flip side, bulls might try to defend the important psychological level at $50 a barrel. A daily break above 52 and 54 could lead to a deeper retracement up towards the 55 figure. 
 

Additional key levels

 

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