Crude Oil WTI Technical Analysis: Black Gold falling below $70.00 a barrel

• Crude oil bear momentum is accelerating as the market broke below the 70.00 figure and teh 200-period simple moving average.
• The 50-period simple moving average crossed below the 100 SMA confirming the bearish bias. The RSI, MACD and Stochastic indicators are turning sharply lower.
• While the bears might take a breather for the time being the market seems likely to remain under pressure below 71.00 figure.

Crude Oil WTI 4-hour chart:  

Rate:                         70.05
Relative change:        2.96%      
High:                         72.41
Low:                           69.61

Main Trend:               Bullish

Resistance 1:                70.53 May 24 low
Resistance 2:                71.45 September 26 low
Resistance 3:                72.00 figure

Support 1:                70.00 figure
Support 2:                69.00 figure
Support 3:                68.00 figure