- Crude oil finally broke below 66.30 July 18 swing low as bears are now testing the 65.71 support.
- Bears objective is to keep oil below 66.30 and the 67.95 swing high in order to keep WTI under pressure and reach 65.00 figure, 64.60 May 28 low and ultimately to 62.40 June 18 low.
- On the flips side, bulls see the current situation as a bull flag (480-minute chart) and are seeing the current sell-off as a buying opportunity. If bulls are able to bring the market back above 66.30 then more consolidation in the bull flag can be expected.
Crude oil WTI daily chart
Spot rate: 66.12
Relative change: -2.62%
High: 67.92
Low: 65.69
Main Trend: Bullish
Short-term trend: Potentially bearish below 67.95
Resistance 1: 66.30-66.53 July 18 swing low and June 20 high
Resistance 2: 67.16 June 14 high
Resistance 3: 67.72 June 26 low
Resistance 4: 67.95 swing high
Resistance 5: 68.30 supply/demand level
Resistance 6: 69.00 figure
Resistance 7: 69.44 June 25 high
Resistance 8: 70.00 figure
Resistance 9: 70.53 May 24 low
Resistance 10: 71.19 May 23 low
Resistance 11: 72.13 July 6 low
Resistance 12: 73.00 figure
Support 1: 65.71, June 22 low
Support 2: 65.00 figure
Support 3: 64.60 May 28 low
Support 4: 64.00 figure
Support 5: 63.63 June 11 low
Support 6: 62.40 June 18 low
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