WTI crude oil weekly technical report for 9 to 13 may 2016

WTI crude oil weekly technical report for 9 to 13 may 2016 Nymex crude oil weekly chart technical analysis WTI nymex crude oil this week closed at 44.57 with loss. After last 2 weeks’ strong gains we saw some profit booking.   On weekly chart, crude oil future has immediate support at 43.5 and if next week closing comes below it then that will be recovery rally over signal.   On downside I am expect minimum correction up to 38-39$. On upside 54-55$ is major resistance and if rally sustain then this will be medium to long term tgt zone.   In short term, oil prices might feel pain and correct towards 38-39$ levels.

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Pramod Baviskar

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