- Crude oil is trading in a bull trend as the 50, 100 and 200-period simple moving averages (SMA) are moving upward.
- Crude oil found support at 73.00 as bulls are trying to find a base after the recent leg down. While the market can revisit 73.00-73.50 range, oil is set to trade higher as it also found support above the 100 and 200 SMA. Targets can be located near 75.24 (July high) and 76.00 figure
- A bear breakout below 73.00 would invalidate the bullish bias.
Spot rate: 74.12
Relative change: 0.32%
High: 74.55
Low: 73.05
Main Trend: Bullish
Resistance 1: 74.00 figure
Resistance 2: 75.24 (July high)
Resistance 3: 75.88 intraday swing high
Resistance 4: 76.00 figure
Resistance 5: 77.00 figure
Resistance 6: 77.83 November 21, 2014 high
Resistance 7: 80.00 round figure
Support 1: 73.00 figure
Support 2: 72.00 figure
Support 3: 71.45 September 26 low
Support 4: 70.53 May 24 low