Oil technical analysis: Range play intact above $61.00 a barrel

Oil daily chart

WTI (West Texas Intermediate) is trading in a bull trend above its main simple moving averages (SMAs). In the last 5 days, the market has been stabilizing near $61.00 a barrel.

Oil 4-hour chart


WTI is trading below its main SMAs suggesting continued bearish pressure in the medium term.

Oil 30-minute chart

WTI has been trading in a range since last Friday. 
In order to escape the range, buyers need to break 62.60. After which 63.20 and 64.00 can be the next resistances in sight.
Supports are at 61.00 and 60.20 levels. 

Additional key levels

 

Atlanta Fed: GDPNow for Q2:2019 ticks down to 1.6%

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.6 percent on May 9, down from 1.7
Read more Previous

USD/JPY extends slide below 109.50 as flight to safety intensifies

The USD/JPY pair came under a renewed bearish pressure in the second half of the day as investors continued to move toward safer assets such as the JP
Read more Next