Oil Price Analysis: WTI consolidates gains near monthly highs

WTI recovery is taking a breather below the May’s highs.
Strong resistance can be awaiting near the 34.00 level.

Flavio Tosti Independent Analyst

WTI four-hour chart

The crude oil recovery is taking a breather after printing fresh May’s highs. The market is trading above its main SMAs on the four-hour chart suggesting bullish momentum in the medium-term. However, as crude oil remains in an overall downward trend it remains to be seen if the market can surpass the April’s highs near the 32.20 in a sustainable fasion. On the flip side, sellers would need a daily close below the 31.00 support in order to reclaim the 28.00 level.

Resistance: 34.00, 36.00

Support: 31.00, 28.00

Additional key levels

XAG/USD

Overview
Today last price	17.19
Today Daily Change	0.09
Today Daily Change %	0.53
Today daily open	17.1

Trends
Daily SMA20	15.71
Daily SMA50	14.94
Daily SMA100	16.36
Daily SMA200	16.95

Levels
Previous Daily High	17.57
Previous Daily Low	16.88
Previous Weekly High	16.73
Previous Weekly Low	15.28
Previous Monthly High	15.85
Previous Monthly Low	13.82
Daily Fibonacci 38.2%	17.14
Daily Fibonacci 61.8%	17.31
Daily Pivot Point S1	16.8
Daily Pivot Point S2	16.5
Daily Pivot Point S3	16.11
Daily Pivot Point R1	17.49
Daily Pivot Point R2	17.87
Daily Pivot Point R3	18.17

Author

Flavio Tosti

Independent Analyst

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