Crude Oil WTI Technical Analysis: Black Gold grinder higher must surpass $75.19 a barrel for further advances

• Crude oil is trading in a bull trend as the market is evolving  above the 50, 100 and 200-period simple moving average.
• Crude oil is grinding higher but should ideally break 75.19 (October 5 high) and $76.00 a barrel to prevent the head-and-shoulders pattern to come into play. The RSI is above 50 while the Stochastic indicator is already in overbought condition.  
• Failure to break above 75.19 can lead to a rotation down back to 74.00.    

Crude oil WTI 4-hour chart

Rate:                          74.84
Relative change:       0.88%      
High:                         75.25
Low:                          74.03

Main Trend:               Bullish

Resistance 1:           75.19 October 5 high
Resistance 2:           75.88 intraday swing high
Resistance 3:           76.00 figure
Resistance 4:           77.00 figure
Resistance 5:           77.83 November 21, 2014 high
Resistance 6:           80.00 round figure

Support 1:                74.00 figure  
Support 2:                73.00 figure
Support 3:                72.00 figure
Support 4:                71.45 September 26 low
Support 5:                70.53 May 24 low