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18 May 2020
Oil Price Analysis: WTI ticks up, trades in 5-week highs
- WTI recovery is gaining steam while in 5-week highs.
- Strong resistance can be awaiting near the 32.00/33.65 price zone.
WTI four-hour chart
The crude oil recovery is ticking higher while printing fresh May’s highs. The market is trading above the main SMAs on the four-hour chart suggesting bullish momentum in the medium-term. However, as crude oil remains in an overall downtrend it remains to be seen if the market can surpass the April’s highs near the 32.00/33.65 resistance zone. On the other hand, bears would need a daily close below the 30.00 support in order to reclaim the 28.00 level.
Resistance: 32.00, 33.65
Support: 30.00, 28.00