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  • 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.  

Crude oil WTI 4-hour chart

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