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WTI Crude Oil Breaks Above Technical Resistance

Posted On 27 May 2020
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wti crude oil

WTI Crude oil prices managed to break past the 33.66 level of resistance after a bit of consolidation on Monday.

Price action, if it continues, could see further gains coming along.

But with the volatility in crude oil currently settling lower, the gains might be slower.

For the moment, the price level of 33.66 will be critical. Gains can come only if prices remain firm above this level.

Alternatively, a break down below 33.66 could see a correction underway.

The lower target near 27.95 remains a possibility at the moment. Watch the bearish divergence forming on the Stochastics oscillator as well which adds to this view.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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