- Crude oil traded inside the range of the last three days on Wednesday and it managed to end the day above the 74.00 figure.
- Crude oil is currently being supported as it trading near the 2018 highs, however, the market is currently undecided as to whether to resume the bull trend or initiating a pullback, reflected in the current trading range of the last three days.
- A strong bear breakout below the 73.00 figure might trigger a pullback while a breakout above 75.27 current 2018 high can see a resumption of the bull trend.
Spot rate: 74.31
Relative change: -0.34%
High: 74.93
Low: 73.47
Trend: Bullish
Resistance 1: 74.71 November 17, 2014 low
Resistance 2: 75.27 current 2018 high
Resistance 3: 75.45 November 24, 2014 low
Resistance 4: 76.00 figure
Support 1: 74.00 figure
Support 2: 73.25 November 14, 2014 low
Support 3: 73.00 figure
Support 4: 72.83 June 27 swing high
Support 5: 72.00 figure
Support 6: 71.19 May 23 low
Support 7: 70.53 May 24 low