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WTI Crude Oil Resumes Bullish Trend

Posted On 19 May 2020
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wti crude oil

WTI crude oil prices are up by over 9% intraday.

The commodity is back to the bullish trend after price consolidated over the past few sessions.

The resulting breakout above 27.95 has now opened the way for WTI crude oil to test the 33.66 level of resistance.

We could expect to see prices recovering off this level initially. But, price action will be confined to levels between 33.66 and 27.95.

Expect to see further downside only after a strong close below the lower support.

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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