- 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.
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.