Crude Oil WTI Technical Analysis: Black Gold retreats to $74.00 a barrel as bulls get ready to new leg up to 76.00

• Crude oil is in a bull rend.  
• Crude oil retreated near the 50-period simple moving average and $74.00 a barrel.The 50, 100 and the 200-period simple moving average are rising and widening suggesting strong bullish momentum.  WTI is set to stabilize above 74.00 as bulls should lift the market towards 75.88 figure.  
• A strong bear breakout should invalidate the bearish bias.  

Crude oil WTI 4-hour chart

Spot rate:                  74.50
Relative change:       -2.28%      
High:                         76.44
Low:                          73.86

Main Trend:               Bullish  

Resistance 1:           75.24 (July high)
Resistance 2:           75.88 intraday swing high
Resistance 3:           77.00 figure
Resistance 4:           77.83 November 21, 2014 high
Resistance 5:           80.00 round figure

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