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  • Crude oil  bull trend is trading at levels not seen since late 2014.
  • Crude oil is trading well above its 50, 100 and 200-period simple moving averages (SMA) suggesting strong bullish momentum.  
  • However, the last bull leg was rather climactic and the market might be ready for a pullback towards 74.00 and 73.00. On the flip side, a bullish continuation would target 77.83 level (November 21, 2014 high) and 80.00 round figure.

Crude oil WTI 4-hour chart

Spot rate:                  75.11
Relative change:       0.41%      
High:                         75.88
Low:                          74.91

Main Trend:               Bullish  

Resistance 1:           75.24 (July high)
Resistance 2:           77.00 figure
Resistance 3:           77.83 November 21, 2014 high
Resistance 4:           80.00 round figure

Support 1:                74.00 figure  
Support 2:                72.00 figure
Support 3:                71.45 September 26 low
Support 4:                70.53 May 24 low