Technicals: Week 21
Tuesday, May 19, 2026. CRUDE OIL TECHNICALS: WTI $102.35-$102.66, bullish momentum intact. RSI 51.27 (neutral, neither overbought nor oversold, room to run). MACD -0.08 (sell signal, mild bearish momentum but broader trend up). STOCHRSI 69 (Buy), Williams %R -35.78 (Buy), Ultimate Oscillator 59.29 (Buy). Overall: Strong Buy. Moving Averages: Most short-term (5/10/20-day) in Buy territory, 50-day mixed. Support: $97-$98 (former resistance, now support on dips), $95, $93.60 (short-term bearish threshold). Resistance: $104 (strong, recently tested), $104-$105 zone, $108-$110. Daily high projection $109.09. Pattern: Bullish momentum targeting $104+, profit-taking possible at resistance. Watch $100-$104 range. NATURAL GAS TECHNICALS: Henry Hub $3.02-$3.03, near seven-week high. Resistance: $3.024 (20-day Bollinger Band top), April highs near $3.25. Support: $2.888 (prior reactionary high, recent consolidation shelf), $2.680 (top of downward channel), $2.561 (April 14 low), $2.535 (20-day Bollinger Band bottom). Key pivot: $2.85-$2.88 shelf (recently reclaimed with volume on 4H/1H). Price broken above early-May consolidation but facing cooling demand forecasts. Failure to hold above $2.85-$2.90 could shift momentum bearish toward $2.60 zone. 2026 average forecasts: $3.50-$3.80-$5.00 range, strong support near $3.00 channel lower bound. Hotter U.S. weather boosting demand, offset by declining production and LNG maintenance. Crude bullish, gas consolidating near resistance, both watching geopolitical developments.
