Crude Oil Futures Pause At Major Resistance Level

April Crude Oil futures are trading higher by $0.73 at $34.48 in Tuesday's session. After a mid-morning decline to $33.37, the contract has rallied to a major resistance area and backed off. Since February 5, the contract has founds sellers around the $34.50 area. On that day it peaked at $34.61 and retreated to make a new multi-year at $28.21. Once again on Friday, it peaked at $34.69, but backed off only to $32.32. Finally, in today's session, it has rallied to this area once again reaching $34.76 before retreating to it current level. If the rally continues in the $35, there may not be any major ressistance until its February 4 high of $35.76.