WTI Crude still enjoying its ride since Mid-March, up 1.2% on the day.

WTI crude is trading at around $82.49 a barrel. Crude has been enjoying its ride since mid-March from increased optimism due to China loosening its Covid restrictions and therefore higher demand. As well as the better-than-expected US inflation data released earlier today, fuelling investors with the hope that the Fed will slow down or even pause its rate hikes. Support currently sits at $81.35 (along the blue trendline) followed by a major resistance point around $78 (along the green trendline). A break below the green trendline would be a suggestion that perhaps the bears have taken control once again and see the price of oil decline to the levels of $72-$73 a barrel. Towards the upside, $83.30 is the next tough level of resistance. A break and close above this level may see the price rise higher towards $84-$85 a barrel. MACD has turned positive and so is RSI as it reads 70. Although, RSI is now suggesting that the commodity has entered overbought conditions. Investors should also be wary of any trades before the FOMC meeting later today, as comments and the outcome of the meeting could have an impact in either direction.