- Crude oil is in a bull rend.
- Crude oil retreated near the 50-period simple moving average and $74.00 a barrel.The 50, 100 and the 200-period simple moving average are rising and widening suggesting strong bullish momentum. WTI is set to stabilize above 74.00 as bulls should lift the market towards 75.88 figure.
- A strong bear breakout should invalidate the bearish bias.
Spot rate: 74.50
Relative change: -2.28%
High: 76.44
Low: 73.86
Main Trend: Bullish
Resistance 1: 75.24 (July high)
Resistance 2: 75.88 intraday swing high
Resistance 3: 77.00 figure
Resistance 4: 77.83 November 21, 2014 high
Resistance 5: 80.00 round figure
Support 1: 74.00 figure
Support 2: 72.00 figure
Support 3: 71.45 September 26 low
Support 4: 70.53 May 24 low