Crude Oil: WTI New Front Attempts Advance Towards the Level at $27.40 After Bouncing off Lows


USDWTI Price Analysis – May 4

The current forward term is rising to USDWTI’s level of $27.40 after bouncing off lows for June WTI, this week with the shift in movement path reinforces market centered on the demand transition level; seeking to slowly remove transportation constraints in major economies.

Key Levels
Resistance Levels: $29.11, $27.40, $24.50
Support Levels: $21.32, $18.02, $13.43

USDWTI Long term Trend: Bearish

Oil prices registered a notable recovery. WTI crude oil posted moderate progress during Friday’s market activity, rising beyond the $18.02 mark. Which defines the double bottom pattern close to the price of $10.20 level.

So well as prices stay beyond the level of $18.02 we foresee higher oil prices to tend to swing. Another target is on a bullish follow-through at $27.40 level. However, prepare for a probable bullish gap in case crude oil reverts back beneath the level of $18.02 whenever it grapples with support.

USDWTI Short term Trend: Ranging

Despite breaking a short-term horizontal threshold at a level of $21.34, WTI is heading for April 9 moving average 5 and 13 crossing downturn, near $24.50 level in the near term, ahead of aiming at $27.40 level in upper horizontal resistance range.

In the meantime, a horizontal line of support around $20.08 level seems to deliver the turnaround maneuvers of the oil benchmark over the horizontal resistance-turned-support line, presently about $21.34 level. This being said, in the short-term perspective, the $24.50 mark stays on the radar, declining active demand and volume leaves something more upside down.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.