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. 

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    

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.