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Asset Watch
Thursday May 2, 2024
But while crude has made lower highs and lower lows since peaking on Apr. 26, the 20-hour moving average became resistance on Apr. 30. As a result, the contract remains stuck between roughly $81 and $82 as it struggles to identify the next catalyst.
You should monitor the $81 area and the 20-hour MA to determine the likelihood of a rally or a pullback. Supporting the bull case, crude’s hourly RSI (the blue line at the bottom) dipped below 30 on Apr. 30, which aligns with the lows set over the last several days. As such, if it can recoup the 20-hour MA, more upside should follow.
So, can crude keep climbing, or have we already seen the 2024 highs?
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