Crude Oil WTI Technical Analysis: Black Gold reveals its hand – Down is the way to 68.00 figure

• Crude oil bears didn’t play with pocket money as they managed to reverse the last three days of trading creating a big red bar on the chart.  
• Investors are exiting their long positions as the rising wedge is breaking to the downside, leaving bulls virtually no choice but to sell their positions.  
• Now that the market strongly rejected the 70.00 and 71.00 figure, the next main support to the downside is located near the 68.00 figure.

Crude oil 480-minute chart

Spot rate:              69.20
Relative change:    -1.21%      
High:                     71.37
Low:                      69.05

Main Trend:              Bullish  
Short-term trend:      Bearish below 70.00  

Resistance 1:       69.44 June 25 high
Resistance 2:       70.00 figure
Resistance 3:       70.53 May 24 low  
Resistance 4:       71.19 May 23 low  
Resistance 5:       72.13 July 6 low

Support 1:       69.30 August 24 high  
Support 2:       69.00 figure
Support 3:       68.00-68.30 zone, figure and supply/demand level