Prices continue to drift sideways below resistance at 31.36, a barrier reinforced by a downward-sloping trend line set from the April 3 high now at 31.19. A break higher exposes the top of a falling channel set from early March, now at 31.90. Near-term channel bottom support is at 29.58.
WTI Crude Oil (NY Close): $106.16 // +1.29 // +1.23%
Prices took out resistance in the 104.90-105.15 area marked by a former support as well as the 50% Fibonacci retracement level to meet a falling trend line capping gains since late February. This barrier is reinforced by the 61.8% Fib at 106.27. A break above this barrier exposes the 76.4% at 107.67. The 104.90-105.15 area has been recast as support.
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