- Crude oil is consolidating the strong bear sell-off seen on Monday. The market found support near 67.16, June 14 high and bulls tried to push oil above 68.30, supply/demand level.
- As bulls are about to close the day near its high the consolidation phase seems not to be over just yet and another attempt above 68.30 can send oil to a test of the 69.00 figure or 69.44 near July 12 low.
- On the flip side, failure to contain prices above 67.16 can open the gates to 66.53 and 65.71 support levels.
Crude oil WTI 15-minute chart
Spot rate: 68.00
Relative change: 0.12%
High: 68.41
Low: 67.03
Trend: Bearish / bullish correction
Resistance 1: 68.30 supply/demand level
Resistance 2: 69.00 figure
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 5: 70.53 May 24 low
Support 1: 67.72 June 26 low
Support 2: 67.16 June 14 high
Support 3: 66.53 June 20 high
Support 4: 65.71, June 22 low
Share
