Recent news stories claim that oil demand should start picking up after the US Memorial Day. Hence, we have provided our opinion on its future outlook.

Analysing WTI crude as recent news stories claim that demand for oil should start picking up after the US Memorial Day, its current price is around $73.24 a barrel. We can see that on the weekly timeframe in the week commencing 1^st of May, the price dipped below the support level of $64.36, however, the price actually closed much higher than that at $71.28. Last week crude finished on a positive note and it seems like this week is following suit. As the price has also created a higher low, we can look at the potential upside movements. Therefore, the upside resistance is sitting at $76.00 (20-day moving average) and this can be classed as the shorter-term outlook. A break and close above the 20-day MA may see the price of crude continue higher towards the 50-day MA ($83.15). Although, this is more likely in the longer-term outlook. Furthermore, support rests at $69.28, and a slip below could see a further retracement back to that key level of $64.36. Looking at the technical indicators, MACD has turned flat and the RSI is neutral as it reads 45.