Crude Oil Technical Analysis: Black Gold shooting near $77.00 a barrel

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  • 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

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