Indeed, the price rebounded following the massive volume transacted on 4 & 5 May reflecting the similar action happened on 8 & 9 Mar. Only the last set of dates (8 & 9 Mar) took more days to react than the former.
It successfully broke all resistance levels with only S-Trader Trend Tracker resistance level remain on daily chart at $51.38.
Daily chart of West Texas Intermediate (WTI) Crude Oil.
Last night, the price recorded its day high of $51.43 which briefly broke the $51.38 resistance level before settling at $51.13 during market closed.
The volume transacted associated with the price action slightly below average with the total amount of 561,671.
However, yesterday's price action and volume showed there is a possibility lack of demand from the market to break thru' the resistance.
Going forward, watch for strong volume and price action to overcome this resistance level.
Source :
1) Metastock
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