Not so long ago the price of the WTI crude futures in NYMEX stopped around the resistance level of $114,80 (300% Aw1, 200% A(c )).
An increase in the wave level is probable form the reference point of $83.56. Strategically, the price of the crude oil futures is developing a bullish momentum. We recommend closing some trades around the resistance level and going long again after the bearish pullback is over as we stick to the bullish long-term investment plan.
Resistance levels:
114,80$ - 300% Aw1, 200% A©
110$ - price level
120$ - 76,4% of Amn
Support levels:
105,22$ - defensive bullish MF pivot
100$ - price level
This week’s key news releases:
May 5th
12:30GMT USA - Continued jobless claims, Initial jobless claims, Labor costs Preliminary, Productivity Preliminary
May 6th
12:30GMT USA - Non-farm payrolls, Unemployment rate mm
