- 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.
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