Oil Price Analysis: WTI sidelined near monthly tops

WTI is trading off fresh May’s highs.
Strong resistance is capping oil near the 34.25 level.

Flavio Tosti Independent Analyst

WTI four-hour chart

The WTI recovery from April’s lows is consolidating after printing fresh May’s highs. WTI is trading above the main SMAs on the four-hour capitalizing on the upward momentum in the medium-term. However, as oil stays in an overall bearish trend, it is unclear if the 34.25 resistance can be broken in a sustainable manner. On the flip side, sellers would need a daily close below the 32.00 support level in order to revisit the 30.00 level.

Resistance: 34.25, 36.00

Support: 32.00, 30.00

Additional key levels

WTI

Overview
Today last price	33.94
Today Daily Change	-0.11
Today Daily Change %	-0.32
Today daily open	34.05

Trends
Daily SMA20	26.64
Daily SMA50	25.36
Daily SMA100	38.5
Daily SMA200	47.63

Levels
Previous Daily High	34.11
Previous Daily Low	32.6
Previous Weekly High	34.74
Previous Weekly Low	29.62
Previous Monthly High	32.21
Previous Monthly Low	8.46
Daily Fibonacci 38.2%	33.53
Daily Fibonacci 61.8%	33.17
Daily Pivot Point S1	33.06
Daily Pivot Point S2	32.08
Daily Pivot Point S3	31.56
Daily Pivot Point R1	34.57
Daily Pivot Point R2	35.09
Daily Pivot Point R3	36.08

Author

Flavio Tosti

Independent Analyst

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