Oil technical analysis: WTI plummets as the market challenges $70.00 a barrel

• Oil is falling sharply from the recent swing high.
• Bears are challenging the 56.70 support. 

Oil daily chart

WTI (West Texas Intermediate) is retreating from recent highs near $60.00 a barrel. The market is dropping below its main daily simple moving averages (DSMAs). 

Oil 4-hour chart

Oil is attempting to break below 56.70 support and the 200 SMA. A break below the level could open the door to more losses towards 55.00. Resistancea are seen at the 58.00 and 59.00 levels.

Additional key levels