- Crude oil bulls are trying to resume the main bull trend.
- Crude oil found some decent support near the 61.8% Fibonacci retracement of the August rally while the RSI, MACD and Stochastics indicators are turning bullish.
- The main target to the upside is located near 69.30 August 24 high and supply level. However, a sustained bear breakout below 66.85 would invalidate the bullish momentum.
Crude oil WTI 480-minute chart
Spot rate: 67.55
Relative change: -0.75%
High: 68.50
Low: 67.35
Main Trend: Bullish
Resistance 1: 67.84 August 14 swing high
Resistance 2: 68.00-68.30 zone, figure and supply/demand level
Resistance 3: 69.00 figure.
Resistance 4: 69.30 August 24 high
Resistance 5: 69.44 June 25 high
Resistance 6: 70.00 figure
Resistance 7: 70.53 May 24 low
Support 1: 67.16 June 14 high
Support 2: 67.72 June 26 low
Support 3: 66.85 August 9 low
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