- Crude oil bulls are trying to resume the main bulls trend as they reached 69.30 (August 24 high) which was the bullish target.
- While there can be some small profit-taking nothing indicates that the bullish momentum should abate as the RSI, MACD and Stochastics are looking constructive for more gains.
- Targets to the upside are seen near the 70.00 figure and 71.41 (September 4 high).
Crude oil WTI 480-minute chart
Spot rate: 69.25
Relative change: 2.43%
High: 69.36
Low: 67.45
Main Trend: Bullish
Resistance 1: 69.30 August 24 high
Resistance 2: 69.44 June 25 high
Resistance 3: 70.00 figure
Resistance 4: 70.53 May 24 low
Resistance 5: 71.41 September 4 high
Support 1: 69.00 figure.
Support 2: 68.00-68.30 zone, figure and supply/demand level
Support 3: 67.84 August 14 swing high
Support 4: 67.16 June 14 high
Support 5: 67.72 June 26 low
Support 6: 66.85 August 9 low
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