- Crude oil main bull trend took a breather this week as the market pulled back past $68.00 a barrel down to 67.00.
- Crude oil fell very fast to 67.00 after which bargain-hunter bulls supported the market and lifted it almost back to 68.00 in a few hours creating a sell-climax and a bullish reversal in the process.
- As it stands bulls are working hard in order to retake control of the market and a break above back 68.00 would be seen as another bullish clue which can target 69.30 August 24 high.
Crude oil WTI 480-minute chart
Spot rate: 67.95
Relative change: -0.96%
High: 68.98
Low: 66.98
Main Trend: Bullish
Resistance 1: 68.00-68.30 zone, figure and supply/demand level
Resistance 2: 69.00 figure.
Resistance 3: 69.30 August 24 high
Resistance 4: 69.44 June 25 high
Resistance 5: 70.00 figure
Resistance 6: 70.53 May 24 low
Support 1: 67.84 August 14 swing high
Support 2: 67.16 June 14 high
Support 3: 67.72 June 26 low
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