Nymex Light Crude Oil retests the April peak at 35.18 and could hit a resistance line at 36.28 where it may slow down, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
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Key quotes
“Nymex Light Crude Oil is once again testing its April high at 35.18 above which the 2020 resistance line can be spotted at 36.28. Around it we could see recent upside pressure at least short-term diminish.”
“Immediate upside pressure should be maintained while the contract remains above last week’s low at 30.72. Below it, the early May high and 55-day moving average make up support at 27.98/97 and the early April low at 26.14.”
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