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  • WTI is trading off the May’s highs near $33.00 per barrel.
  • Strong resistance is limiting WTI advances near the 34.25 level.

WTI four-hour chart

The oil recovery started in April’s lows consolidates after hitting fresh May’s highs. WTI is trading above the 100 and 200 SMAs on the four-hour but just below the 50 SMA, suggesting a mixed picture. However, as the oil market remains fragile and in a dominant bear trend, it remains to be seen if the black gold can regain the 34.25 resistance. More likely, sellers will be looking for a retest of the 32.00 support level with the potential for a drop towards the 30.00 figure. 
Resistance: 34.25, 36.00
Support: 32.00, 30.00

Additional key levels