Crude oil WTI: Black Gold surges to 2018 highs

• Crude oil is currently testing the 2018 high at $72.83 a barrel.
• The current bull momentum is strong however a combination of profit-taking and new short-sellers entering the market can slow-down the current bull move.  
• However, a continuation of the bull trend would likely see WTI move towards 73.25 November 14, 2014 low and 73.88 November 19, 2014 low while a bear trend reversal could lead to a test of the 72.00 figure.  

Crude oil WTI 15-minute chart

Spot rate:                       72.86
Relative change:            3.24%      
High:                              73.00
Low:                                70.53

Trend:                            Bullish

Resistance 1:                73.25 November 14, 2014 low
Resistance 2:                73.88 November 19, 2014 low
Resistance 3:                74.71 November 17, 2014 low

Support 1:                     72.83 former 2018 high  
Support 2:                     72.00 figure        
Support 3:                     71.19 May 23 low        
Support 4:                     70.53 May 24 low