Home Crude Oil WTI Technical Analysis: Best daily close in a month – Oil surges to $69.00 a barrel
FXStreet News

Crude Oil WTI Technical Analysis: Best daily close in a month – Oil surges to $69.00 a barrel

  • Despite the huge build with the EIA Crude Oil Stocks change report  to July 13, crude oil bulls managed to stage a rally. EIA: Commercial crude oil inventories increased by 5.8 million barrels from previous week.
  • While bulls are not totally out of the woods just yet, today is the best daily close seen in about a month. Oil also rejected the daily 100-period simple moving average.
  • Bulls have displayed some strength and a breakout above $70.00 should clear any doubts that bulls are in full control. Supports are seen near 68.30 and 67.72.  

Crude oil WTI 15-minute chart

Spot rate:             68.96
Relative change:   1.79%      
High:                    69.03
Low:                     67.03

Trend:                  Neutral to bullish

Resistance 1:      69.00 figure  
Resistance 2:      69.44 June 25 high
Resistance 3:      70.00 figure    
Resistance 4:      70.53 May 24 low  

Support 1:           68.30 supply/demand level  
Support 2:           67.72 June 26 low
Support 3:           67.16 June 14 high
Support 4:           66.53 June 20 high
Support 5:           65.71, June 22 low

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.