- Crude oil main bull trend is currently on hold as the bears took over the market after breaking below the 70.00 figure.
- Crude oil is correcting lower as the rising wedge broke to the downside. While some bullish pullback to $70.00 a barrel are possible, the market is set to continue to trade towards the 68.00-68.30 zone, figure and supply/demand level.
- A sustained bull breakout above 70.00 would invalidate the bearish bias.
Spot rate: 68.84
Relative change: -0.76%
High: 69.59
Low: 68.59
Main Trend: Bullish
Short-term trend: Bearish below 70.00
Resistance 1: 69.00 figure.
Resistance 2: 69.30 August 24 high
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 3: 70.53 May 24 low
Support 1: 68.00-68.30 zone, figure and supply/demand level
Support 2: 67.84 August 14 swing high
Support 3: 67.16 June 14 high
Support 4: 67.72 June 26 low
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