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WTI Crude Oil Breaks Above Technical Resistance

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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.

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Source: https://www.orbex.com/blog/en/2020/05/wti-crude-oil-breaks-above-technical-resistance
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