Home Oil Price Analysis: WTI trades in session’s highs near $36.50 a barrel

Oil Price Analysis: WTI trades in session’s highs near $36.50 a barrel

Updated: 2 Jun. 2020 | 18:32

WTI is trading in fresh weekly highs near $36.5 a barrel.
Support can be seen near the 36.00 level.

WTI four-hour chart

Crude oil is trading near session’s highs as WTI is trading above the main SMAs on the four-hour chart. The bulls remain in charge as the market broke above the 36.00 resistance. A potential continuation of the move up can lead towards the 38.40 and 40.20 levels in the medium-term. On the other hand, A break below the 36.00 level now turned support can lead to a deeper pullback down towards the 34.20 level initially.

Additional key levels

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.