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  • Crude oil bulls want to keep extending the main trend but they need to surpass 73.00 a barrel.  
  • Oil might be encountering resistance as the market is trading at levels not seen since July 2018.  
  • Failure to break above 73.00 can lead to a rotation down towards $70.00 a barrel.  

Crude oil WTI 4-hour chart

Spot rate:                  72.00
Relative change:       -0.30%      
High:                         72.73
Low:                          71.93

Main Trend:               Bullish  

Resistance 1:           72.00 figure
Resistance 3:           73.00 figure  
Resistance 4:           75.00 figure

Support 1:                71.41-63 zone, Sept.4 high-July 13 high
Support 2:                70.53 May 24 low
Support 2:                70.53 May 24 low
Support 3:                70.00 figure
Support 4:                69.44 June 25 high
Support 5:                69.30 August 24 high  
Support 6:                69.00 figure.