Crude oil prices launched into a parabolic-like move to start off the month, helping WTI to set a fresh 13-year high after temporarily touching above the 130.00 level, albeit briefly. Get your market update from JStanleyFX here:
At this point WTI has essentially reversed the entirety of the early-March breakout and we’re back to the point of origination. So anything lower will be reflecting a net loss on the Monthly chart, and if the monthly bar closes in that manner, with an extended wick atop a bearish candle, there would be further scope for a deeper reversal.
We’re not quite there yet as that monthly bar still has two-plus weeks to go, and for now there’s support potential at a few key spots on the chart. At this point, prices have been dropping aggressively so bullish strategies would be, in essence, reversal scenarios of the short-term move. And there’s a few such spots to look for such a theme.
My next support is around 91.77 which is a prior swing low from late-2013 trade. This level gave a bit of resistance on the way up during the recent breakout. Below that is another spot of interest around 84.05, which was a prior swing-low-turned-resistance. Another similar spot exists around 76.90 and there’s a last drop of support on my chart at 66.60.
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