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.

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


Today last price 17.19
Today Daily Change 0.09
Today Daily Change % 0.53
Today daily open 17.1
Daily SMA20 15.71
Daily SMA50 14.94
Daily SMA100 16.36
Daily SMA200 16.95
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



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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News