Home Oil Price Analysis: WTI grinds above $29.00 in fresh May’s highs

Oil Price Analysis: WTI grinds above $29.00 in fresh May’s highs

Updated: 15 May. 2020 | 18:52

WTI recovery is accelerating while in 5-week highs.
Strong resistance can wait near the 32.00 figure.

WTI four-hour chart

The crude oil recovery is gaining some strength printing fresh May’s highs while trading above the main SMAs on the four-hour chart. As crude oil is in a dominant downtrend it remains to be seen if the market can surpass the April’s highs near the 32.00 figure. Conversely, sellers need a daily close below the 28.00 support in order to reclaim the 24.00 level.

Resistance: 32.00, 33.65

Support: 28.00, 24.00

Additional key levels

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