WTI Crude Oil Pauses As Bias Remains Bullish

May 20, 2020

By Orbex

Crude oil prices continue to trade higher. But prices are easing back after WTI crude oil rose to a two-month high in the previous session.

The minor pullback could potentially see the bullish momentum pushing prices higher.

The main resistance level at 33.66 remains within reach. But expect the gains to stall near this level in the near term.

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Unless WTI crude oil breaks out above the 33.66 convincingly, we expect some consolidation to take place.

The downside for the moment is at the 27.95 level, but we could expect a reversal with a higher low forming above the 27.95 handle.

By Orbex