Oil technical analysis: WTI surges and challenges $57.00 a barrel

• Crude oil bulls are challenging $57.00 a barrel.
• WTI is having a strong recovery and seems poised to reach 58.00 and 59.75 to the upside. 

Oil daily chart

WTI (West Texas Intermediate) is recovering strongly as it rebounded from above the 50.00 mark. The market stays below its main daily simple moving averages (DSMAs). 

Oil 4-hour chart

The oil market is rising sharply above the 54.00 figure and the 50 and 100 SMAs. WTI is challenging the 57.00 figure and is approaching the 200 SMA at 57.76. A break beyond 57.00 can lead to a continuation of the up move towards 58.00 figure and 59.75 swing high. Immediate support is seen at 56.00 and 55.00 figure.

Additional key levels