![\"Crude](\"http:\/\/i.imgur.com\/JJD1fZX.png\")
<\/p>\nSince testing the $99.00 level in Asian trade, crude oil futures for delivery in May rose to $100.03 in the European trading session.<\/p>\n
The short term trend remains slightly bullish while higher swing highs and higher swing lows are being made, with today\u2019s low of $99.00 marking the nearest support level. The general focus of the market is towards testing the closest resistance levels.<\/p>\n
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Selling pressure may start kicking in between $100.14 and $100.24. This is the first resistance area, a clear pivot zone formed between \u00a06th<\/sup> March low and 21st<\/sup> March high.<\/p>\n Additional resistance lies further up at $100.41, marked by the 200 simple moving average on daily timeframe and the resistance of the current bullish channel; followed by $100.59, where the 200 simple moving average is located on the 4H timeframe.<\/p>\n Any bearish price action signals from the main resistance levels can result in yet another test of the support at $99.00, or even $98.55 – the support trendline for the current bullish channel.<\/p>\n <\/p>\n ********* <\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Since testing the $99.00 level in Asian trade, crude oil futures for delivery in May rose to $100.03 in the European trading session. The short term trend remains slightly bullish while higher swing highs and higher swing lows are being made, with today\u2019s low of $99.00 marking the nearest support level. The general focus of … <\/p>\n
\nPrepared by Alexandru Z., Chief Technical Strategist at Capital Trust Markets<\/a><\/i><\/p>\n