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  • 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