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  • 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.    

Crude Oil WTI 15-minute chart

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