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  • Oil is surging higher 3.4% this Tuesday as WTI broke last week’s high and is now en route towards the 2018 high.
  • The bull momentum is strong and the next resistance is likely located near the 70.53, May 24 low and 71.19, May 23 low.
  • A pullback would likely be supported near 69.44 current Monday’s high and the 69.00 figure.

Crude oil WTI 15-minute chart

Spot rate:                       70.48
Relative change:           3.4%      
High:                              70.55
Low:                              67.70

Trend:                           Bullish

Resistance 1:                70.53 May 24 low
Resistance 2:                71.19 May 23 low  
Resistance 3:                72.00 figure

Support 1:                    69.44 current Monday’s high  
Support 2:                    69.00 figure
Support 3:                    68.30 May 31 high