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  • Crude oil WTI is in a bull trend while the market is at highs not seen since late November 2014.
  • Oil is trading well above its 50, 100 and 200-period simple moving averages suggesting that the bullish momentum is intact. The RSI and Stochastics indicators are in overbought territories, however, since the trend is so strong the indicators can remain in overbought conditions for an extended period of time.  
  • The next objective for bulls is to reach the 77.83 level (November 21, 2014 high) and 80.00 round figure.  

Crude oil WTI 4-hour chart

Spot rate:                  75.62
Relative change:        3.01%      
High:                         75.75
Low:                          72.92

Main Trend:               Bullish  

Resistance 1:           77.00 figure
Resistance 2:           77.83 November 21, 2014 high
Resistance 3:           80.00 round figure

Support 1:                75.24 (July high)
Support 2:                74.00 figure  
Support 3:                72.00 figure
Support 4:                71.45 September 26 low
Support 5:                70.53 May 24 low