Daily Price Action
Shares

WTI Crude Oil: All Eyes on 60.30 Resistance

Shares

Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

WTI is managing to stay above the key 58.00 support level for now.

You can see where this area served as a pivot for the market between February and March.

But despite Wednesday’s late-session rally, crude oil appears to have turned the corner at the end of April.

That sudden snap below 63.60 on April 26th was no mere correction.

It was a mass exodus of longs who had been buying WTI throughout the year.

The same thing happened between the 22nd and 23rd of May.

One to two messages daily. You can unsubscribe at any time. See our privacy policy.

As soon as the market realized WTI was going to carve a lower high at 63.60, bids dried up, which led to a crack of the key 60.30 area.

All of this leaves traders watching for a short opportunity on a retest of 60.30 as new resistance.

There are no guarantees we’ll get it, but WTI has yet to test offers in this region.

The alternative to a test of 60.30 resistance would be to watch for a close below that 58.00 support handle.

Just keep in mind that the area could extend as low as 57.30.

For now, though, all eyes are on that 60.30 resistance area as a rejection from there could take WTI crude back to 58.00 and perhaps 55.40.

Don’t become too rigid in your approach, though.

While further losses do appear likely, the market may not agree with that assessment.

If buyers do retest 60.30 resistance and close WTI back above it, we could see this market head back to the May highs at 63.60.

Until this range cracks, crude oil will be limited to 58.00 support and 60.30 resistance.

Want to see how we’re trading WTI Crude Oil? 

Click Here to join us and save 40% – Ends May 31st!

WTI crude oil support and resistance levels

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...

follow me on:
  • Justin Bennett says:

    Now you can get access to the same professional Forex charts I use!

    Get access today: http://bit.ly/2UzPyiR

    These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

    Download the platform here: http://bit.ly/2UzPyiR

  • Billy says:

    You explain it simple. Forex trading its now giving me no more headache like before now I’m in a good position to kill the market. Thanks a lot with your strategy.

  • ibrahim says:

    hello there justin. am sorry for this question because it does not related to this post. please what’s your view on trading the london breakout

  • >
    Want Free Access to the Same "New York Close" Charts I Use?