WTI on track for third straight day of gains
The WTI crude oil price’s recovery from last week’s $55.39 per barrel low, made close to the 4-year April $55.15 low, has taken it through its April-to-May resistance line which is short-term bullish price behaviour.
WTI is on track for its third consecutive day of gains with the 14 April high at $62.64 representing its next upside target amid heightened tension between India and Pakistan and possible supply concerns.
More resistance can be found between the 10 and 28 April highs at $63.30-to-$63.66 ahead of the key $64.82-to-$65.32 resistance area. It consists of the 55-day SMA, September 2024 and March 2025 lows as well as the 23 April high. As such it is expected to withstand its first test at the very least.
Potential slips may find support between the mid-April low and the 2 May high at $59.90-to-$59.83.