On analysis of the movements of WTI Crude Oil in different time frames, I find that WTI Crude Oil futures continued to remain volatile during the last two trading sessions of the previous week. Despite the weekly build-up in U.S. crude stockpiles a day earlier, Crude bulls remained too aggressive until the weekly closing. I find that the bullish consolidation just before the weekly closing is evident enough of a strong upward move in WTI Crude Oil futures during the upcoming week.
Finally, I find that a gap-up opening; and a sustainable move above $64.64, on the first trading session of the upcoming week will confirm the continuity of uptrend during the week of May 19th, 2019. I find that the crude bears would prefer not to take the risk during the upcoming week.
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