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Crude Holds Key Technical Level

By Jim Wyckoff

 About this article:
 Crude oil futures prices on the New York Mercantile Exchange were bumped lower Friday following another dour employment report from the U.S. Labor Department. Labor reported the March U.S. unemployment rate was the highest in 25 years at 8.5%. However, crude oil futures prices are holding above major psychological and technical resistance at $50 a barrel, which is a bullish near-term clue. May crude oil futures on Thursday rallied by around $4 a barrel to close at $52.64. Prices remain in a six-week-old uptrend on the daily bar chart and in late March hit a fresh 10-week high of $54.66 a barrel. That price level is now stiff overhead technical resistance. A close above $54.66 in May crude oil futures would be a significantly bullish clue to suggest a challenge of the January high of $58.31 a barrel or higher in the near term. From the...

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