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26 May 2020
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.
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