Crude Oil Price Strengthens Over $59.75

U.S. WTI Crude Oil futures are inching higher shortly before the New York opening on Monday amid hopes that fuel demand in the United States will begin picking up as the country heads into the summer driving season. There is still positiveness over the pace of the vaccination rollout in the U.S. but a temporary shortage in vaccines and increasing COVID-19 case numbers in the U.S.

The main trend is down according to the daily swing chart. A trade through $57.29 will signal a resumption of the downtrend. The main trend will change to up on a move through $62.22.The trend has dropped. A trade through $61.75 will change the minor trend to up. This will shift momentum to the upside. A move under $57.68 will indicate the selling is getting stronger.

The main range is $51.04 to $67.29. The market appears to be trying to form a support base inside its retracement zone at $59.17 to $57.25.The minor range is $57.29 to $62.22. Its 50 per cent level at $59.75 is acting as resistance.The first short-term range is $66.15 to $57.29. Its 50 per cent level is potential resistance. The second short-term range is $67.29 to $57.29. Its retracement zone at $62.29 to $63.47 is the primary upside target area and also future resistance. Benchmark U.S. Crude Oil for May delivery rose 48 cents to $60.18 a barrel. Brent Crude Oill for delivery rose 39 cents to $63.67 a barrel for June.