Crude Oil WTI Technical Analysis: Sell-Climax can drive WTI to $69.30 a barrel

• Crude oil bulls are eager to resume the main bear trend.  
• Bulls found support just above the 61.8% Fibonacci retracement level from the mid-August to early-September bull move. The market overshot the bear trendline (blue) and created a sell-climax in the process suggesting that the market went too far too fast.  
• The target to the upside is located near 69.30 August 24 high  

Crude oil WTI 480-minute chart

Spot rate:                  67.74
Relative change:       0.37%      
High:                         68.09
Low:                          66.86

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