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14 May 2020
Oil Price Analysis: WTI challenging one-week highs near $27.50 per barrel
- WTI recovery is accelerating and approaching the May’s highs.
- Since the overall trend is bearish the $28.00 per barrel resistance can be a tough nut to crack.
WTI four-hour chart
The crude oil recovery is picking up steam as the market is trading near 5-week highs and nearing the 28.00 resistance while trading above the main SMAs on the four-hour chart. As WTI is in a dominant bear trend the mentioned resistance can be hard to surpass in the medium-term. Conversely, sellers need a daily close below the 24.00/22.00 support zone in order to reclaim the 2020 lows.
Resistance: 28.00, 32.00
Support: 24.00, 22.00
Additional key levels