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  • WTI recovery is taking a breather below the May’s highs.
  • Strong resistance can be awaiting near the 34.00 level.

WTI four-hour chart

The crude oil recovery is taking a breather after printing fresh May’s highs. The market is trading above its main SMAs on the four-hour chart suggesting bullish momentum in the medium-term. However, as crude oil remains in an overall downward trend it remains to be seen if the market can surpass the April’s highs near the 32.20 in a sustainable fasion. On the flip side, sellers would need a daily close below the 31.00 support in order to reclaim the 28.00 level. 
Resistance: 34.00, 36.00
Support: 31.00, 28.00

Additional key levels