- Crude oil extended the bear trend by almost 4% this Monday as the pullback up above 71.00 last Friday was fairly weak and was possibly indicative of lower prices.
- Crude oil is now consolidating the strong move lower at around $68.00 a barrel. The pullback up might extend to 69.00-69.44 area. However, since the bear trend is so steep pullbacks might be very shallow.
- Targets to the downside can be located near 66.53, June 20 high and 65.71, June 22 low.
Crude oil WTI 15-minute chart
Spot rate: 68.00
Relative change: 3.86%
High: 70.84
Low: 67.56
Trend: Bearish
Resistance 1: 68.30 demand level
Resistance 2: 69.00 figure
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 5: 70.53 May 24 low
Support 1: 67.72 June 26 low
Support 2: 67.16 June 14 high
Support 3: 66.53 June 20 high
Support 4: 65.71, June 22 low
Share
