- Oil is falling below 66.00 on Friday as bulls have given up to breakout above the 67.00 level.
- The momentum has now shifted to bearish as the bears broke below the wedge formation however the bears will need to convincingly break below the 100-period simple moving average on the daily chart at 65.94.
- The next target is likely seen at the 65.52 June 13 low.
Crude oil WTI 15-minute chart
Spot rate: 66.94
Relative change: -1.45%
High: 67.06
Low: 65.80
Trend: Bearish below 67.00
Resistance 1: 66.00 figure
Resistance 2: 66.56 May 31 low
Resistance 3: 67.00 figure
Support 1: 65.94-66.00 daily 100-period SMA, key support
Support 2: 65.52 June 13 low
Support 3: 65.00 figure