Commodities May 18, 2020 / 10:45 am UTC

U.S. Chart NYMEX Jul Crude Oil Update - July Contract Heading Toward the 32.00/59 Zone

By Rob Zukowski



Levels
Imp
Comment


Levels
Imp
Comment
R4
34.72*38.2% from January 08

S1
30.00

Figure
R3
32.59

April 15 high

S2
29.55

Intraday low
R2
32.00
Break level

S3
27.98*May 06 high
R1
31.80

Intraday high

S4
27.35*50-day moving average

Asterisk denotes strength of level

10:45 GMT - CLN0 continues to extend the 50-day moving-average breakout from last week and the market now could be poised to test the 32.00/59 zone. If WTI makes it through 32.59, then the next potential key target for this week is the 38.2% Fibonacci level at 34.72, which could be where the 14-day RSI reaches overbought territory and hints at profit-taking. The key support zone now stands at 27.98/35.

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