- Crude oil has been stalling for three days near the daily 100-period simple moving average as oil lost more than 11% since May 22 after peaking at $72.83 a barrel.
- The market formed a double bottom with Tuesday’s low. If bulls manage to climb back above the 66.00 handle they may target 68.30 last key supply level.
- However, a breach through the 64.12-63.72 demand zone would likely see crude oil resume its recent downward trajectory towards the 62.25 March 16 close.
Spot rate: 64.86
Relative change: -0.69%
High: 65.94
Low: 64.27
Trend: Neutral /Bullish above 66.00
Support 1: 64.12-63.72 demand zone
Support 2: 62.25 March 16 close
Support 3: 60.00 figure
Resistance 1: 65.56 April 17 low
Resistance 2: 66.00 handle
Resistance 3: 68.30 last key supply level
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