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  • Crude oil advance is currently capped at $74.00 a barrel.  
  • Crude oil is in correction mode after the $10 bull move seen in June.  
  • Bears are betting that the bear channel will hold while bulls are betting that the bear channel will break to the upside.

Crude oil WTI 15-minute chart

Spot rate:                      73.78
Relative change:           0.93%      
High:                             73.91
Low:                              72.11

Trend:                           Bearish

Resistance 1:               74.00 figure
Resistance 2:               74.71 November 17, 2014 low
Resistance 3:               75.27 current 2018 high      
Resistance 4:               75.45 November 24, 2014 low
Resistance 5:               76.00 figure

Support 1:                    73.25 November 14, 2014 low          
Support 2:                    73.00 figure
Support 3:                    72.83 June 27 swing high
Support 4:                    72.00 figure        
Support 5:                    71.19 May 23 low        
Support 6:                    70.53 May 24 low