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  • Crude oil bulls want to extend the main bull trend however they need to surpass the 73.00 resistance.
  • Crude oil is meeting some resistance as it is trading at levels not seen since July of this year.  
  • Failure to break above 72.00-73.00 resistance zone can lead towards a rotation down towards $70.00 a barrel near the bull trendline (blue).
  • The EIA data came in at 1.852M versus 1.279M expected, which is potentially bullish short-term. However, the market seemed to have priced in the information as the reaction was virtually unnoticed.

Crude oil WTI 4-hour chart

Spot rate:                  71.78
Relative change:      -0.30%      
High:                         72.35
Low:                          71.56

Main Trend:               Bullish  

Resistance 1:           72.00 figure
Resistance 3:           73.00 figure  
Resistance 4:           75.00 figure

Support 1:                71.41-63 zone, Sept.4 high-July 13 high
Support 2:                70.53 May 24 low
Support 2:                70.53 May 24 low
Support 3:                70.00 figure
Support 4:                69.44 June 25 high
Support 5:                69.30 August 24 high  
Support 6:                69.00 figure.