July WTI Crude Happy Near $58.50-.75
With only a few hours to go until the CME’s early halt in observance of Memorial Day, July WTI is likely range bound.
Holiday trading volumes are evident across the futures markets and action is slow. At press time (11:15 AM EST), July WTI crude oil is showing about 185,000 contracts having changed hands. This represents about ⅓ of Friday’s handle, suggesting that many energy traders are on holiday.
Last week featured an epic drop in July WTI crude oil pricing. I covered the global oil situation in last Saturday’s weekend update. If you missed it, check it out here.
July WTI Crude Tightens Near $58.50-$58.75
For today, there really isn’t much going on in the energy markets. However, we do have a multi-session compression pattern setting up on the daily chart for July WTI crude oil futures.
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With only a few hours to go until the CME’s early halt in observance of Memorial Day, July WTI is likely rangebound. Nonetheless, here are a few levels to watch going into the Tuesday Asia-Pacific and European sessions:
- Resistance(1): 38% Current Wave, $59.86
- Resistance(2): Psyche Level, $60.00
- Support(1): Swing Low, $57.33
Overview: Much like the U.S. indices, the 38% Fibonacci retracement ($59.86) is going to be a key level for July WTI crude moving forward. Its proximity to $60.00 is an important technical occurrence and one that will determine the intermediate-term trend.
This week’s WTI market is going to depend on how price fares near the $59.86 to $60.00 zone. If the market establishes itself above this area, we may be looking at a late-May rally toward yearly highs; if not, it is possible that WTI has topped out for 2019.
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