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    

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