Crude oil prices remain in a fairly consolidative state. A bearish Evening Star candlestick pattern formed last week, offering a preliminary reversal signal. However, downside follow-through has been noticeably absent, undermining the Evening Star. Immediate resistance appears to be the 113.72 – 116.61 zone that was established in late March.

Recent consolidation does mean that WTI is inching closer towards the key rising trendline from the beginning of December. The latter has been maintaining the broader upside focus, with tests occurring in April and earlier this month. From here, the trendline is also closely aligned 103.83.

Clearing downward would expose the 92.95 – 95.11 support zone, but not necessarily shift the broader horizon bearish. Falling to that zone would mean a more neutral setting, a pivot from the mostly upward stance since the end of last year. Falling under could be that bearish shift, exposing the 85.38 inflection point. Otherwise, clearing resistance places the focus on the 124.76 – 129.41 zone above. 

USOil D1 05 24 2022 1316

 

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