Crude oil WTI Technical Analysis: Black Gold bulls close higher for the 3rd day in a row holding $66.00 a barrel

Crude oil is slowly grinding higher as it was supported at the 66.00 level throughout the day before spiking up.
The next hurdle to overcome for bulls is 66.85, May 1 key swing low. If the bulls fail to break above this level we might see a consolidation phase in the coming days with supports seen at the 66.00 figure and 65.56 May 31 low.
The momentum remains bullish as Crude oil WTI is currently supported by the daily 100-period simple moving average.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 66.59
Relative change: 1.17%
High: 66.86
Low: 65.50

Trend: Bullish (needs to break 66.85)

Resistance 1: 66.85 May 1 key swing low
Resistance 2: 67.30 supply level
Resistance 3: 68.30 May 31 high

Support 1: 66.56 May 31 low
Support 2: 66.00 key support
Support 3: 64.12-63.72 demand zone
Support 4: 62.25 March 16 close

Author

Flavio Tosti

Independent Analyst

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