- WTI is trading at levels not seen since late 2014.
- Crude oil almost reached $77.00 a barrel as it is trading above its 50, 100 and 200-period simple moving averages (SMA) suggesting a strong bullish momentum.
- Crude oil is likely to enter a consolidation phase below 77.00 figure before a bullish continuation which could target 77.83 level (November 21, 2014 high) and 80.00 round figure.
Crude oil WTI 4-hour chart
Spot rate: 76.33
Relative change: 1.58%
High: 76.88
Low: 74.29
Main Trend: Bullish
Resistance 1: 77.00 figure
Resistance 2: 77.83 November 21, 2014 high
Resistance 3: 80.00 round figure
Support 1: 76.00 figure
Support 2: 75.24 (July high)
Support 3: 74.00 figure
Support 4: 72.00 figure
Support 5: 71.45 September 26 low
Support 6: 70.53 May 24 low