WTI is managing to stay above the key 58.00 support level for now. You can see where this area served as a pivot for the market between February and March. But despite Wednesday’s late-session rally, crude oil appears to have turned the corner at the end of April. That sudden snap below 63.60 on April 26th was no mere correction. It was a mass exodus of longs who had been buying WTI throughout the year. The same thing happened between the 22nd and 23rd of May. As soon as the market realized WTI was going to carve a lower high at 63.60, bids dried up, which led to a crack of the key 60.30 area. All of this leaves ... (full story)