- Crude oil WTI gained about $2 from the daily low and is now trading around $70.00 a barrel. As discussed in the previous oil update a breakout above $70.00 would give extra confirmation that bulls are indeed in full control of the market.
- Resistances to the upside are likely located near 70.53 May 24 low, 71.19 May 23 low and 72.13 July 6 low. Supports are seen near 69.44 June 25 high and the 69.00 figure.
- The bull breakout coincides with a statement from Saudis. Saudis say oil exports to drop by 100K barrels per day in August.
Spot rate: 68.89
Relative change: 1.53%
High: 70.15
Low: 67.78
Trend: Bullish
Resistance 1: 70.00 figure
Resistance 2: 70.53 May 24 low
Resistance 3: 71.19 May 23 low
Resistance 4: 72.13 July 6 low
Resistance 5: 73.00 figure
Support 1: 69.44 June 25 high
Support 2: 69.00 figure
Support 3: 68.30 supply/demand level
Support 4: 67.72 June 26 low
Support 5: 67.16 June 14 high
Support 6: 66.53 June 20 high
Support 7: 65.71, June 22 low
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