- WTI tanked almost 10% in the last 4 sessions as it reached a weekly bullish trendline.
- The market is consolidating the strong sell-off of the last few days as the market is deliberating between more losses or a resumption of the bull trend of the last months.
- A move above $67.00-$67.30 a barrel can open the gates to a reversal up, although it feels slightly premature at this stage.
- A strong break below 66.00 can see an extension of the bear move towards the 64.00 handle.
Crude oil WTI 15-minute chart
Spot rate: 66.46
Relative change: -1.22%
High: 67.50
Low: 65.78
Trend: Bearish
Support 1: 66.00 handle
Support 2: 65.56 April 17 low
Support 3: 64.12 April 5 high
Resistance 1: 67.30 major support/resistance
Resistance 2: 68.30 major support/resistance
Resistance 3: 69.00 handle
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