WTI Crude Technical Overview 051016

Oil continues to be bullish having just broken $49 per barrel. Should the trend continue we will hit $50 – $51. Take note that MM4 and WM4 are at these price points and above $50 is very strong resistance due to this being the price at which Shale Gas Producers could start looking at getting back into oil production. Keep an eye on Crude Oil Inventories data out later today.

Note:
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WTI Crude Daily

Oil broke $49, should trend continue we will hit $50 - take note of MM4 at $50.

WTI Crude H4

21 clearly above the 55 - trend is bullish. Support highlighted in green, resistance in pink. Keep an eye on your 21 and 55 and price action at $50.

WTI Crude H1

21 clearly above 55. Trend is bullish. Support highlighted in green. There is no price action resistance on the hourly chart as price has broken through August highs. Watch pivot points for resistance.