- Crude oil buyers are eager to resume the main bull trend as they have been preventing the market from falling below 67.16 this Thursday allowing only a small pullback.
- Oil is trading above its rising 200-period simple moving average and the (yellow) bull trendline. Bulls want a breakout above 68.30 resistance in order to open the gates to the next leg higher which targets $70.00 a barrel.
- A bear breakout below 66.30 would invalidate the bullish bias.
Spot rate: 67.84
Relative change: -0.19%
High: 68.11
Low: 67.30
Main Trend: Bullish
Resistance 1: 68.30 supply/demand level
Resistance 2: 69.00 figure
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Support 1: 67.84 August 14 swing high
Support 2: 67.16-67.72 June 14 high-June 26 low
Support 3: 66.30-66.53 area, July 18 swing low and June 20 high
Support 4: 65.71, June 22 low
Support 5: 64.60 May 28 low
Support 6: 64.00 figure
Support 7: 63.63 June 11 low
Support 8: 62.40 June 18 low
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