Crude oil WTI: Black Gold surges to 2018 highs

• Crude oil is currently testing the 2018 high at $72.83 a barrel.
• The current bull momentum is strong however a combination of profit-taking and new short-sellers entering the market can slow-down the current bull move. 
• However, a continuation of the bull trend would likely see WTI move towards 73.25 November 14, 2014 low and 73.88 November 19, 2014 low while a bear trend reversal could lead to a test of the 72.00 figure. 

Crude oil WTI 15-minute chart

Spot rate:                      72.86
Relative change:           3.24%     
High:                             73.00
Low:                              70.53

Trend:                           Bullish

Resistance 1:               73.25 November 14, 2014 low
Resistance 2:               73.88 November 19, 2014 low
Resistance 3:               74.71 November 17, 2014 low

Support 1:                    72.83 former 2018 high 
Support 2:                    72.00 figure        
Support 3:                    71.19 May 23 low       
Support 4:                    70.53 May 24 low