Crude oil is correcting the climactic sell-off of Wednesday and as expected the pullback reached 70.49, only 4 ticks away from 70.53, which was the scenario in case WTI broke above $71.00 a barrel. Now that bulls have reclaimed 70.00, crude oil is now deciding whether to extend the consolidation up towards 71.19 or resuming the bear trend. Since the sell-off was climactic and the bear follow-through this Thursday lacked conviction, odds favor at least a test of the lower channel trendline; which could initially push the price toward the 71.00-71.19 area. Support is seen near 70.00 and 69.44 in the short-term, however a strong breakout below would open the gates to more losses. Crude oil 15-minute chart Spot rate: 70.30 Relative change: -0.37% High: 71.20 Low: 69.21 Trend: Bearish / bull correction Resistance 1: 70.53 May 24 low Resistance 2: 71.19 May 23 low Resistance 3: 72.25 last week’s low Resistance 4: 72.83 June 27 swing high Resistance 5: 72.53 July 5 lowResistance 6: 73.00 figure Support 1: 70.00 figure Support 2: 69.44 June 25 high Support 3: 69.00 figure Support 4: 68.30 demand level FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Mounting political risks – Nomura FX Street 5 years Crude oil is correcting the climactic sell-off of Wednesday and as expected the pullback reached 70.49, only 4 ticks away from 70.53, which was the scenario in case WTI broke above $71.00 a barrel. Now that bulls have reclaimed 70.00, crude oil is now deciding whether to extend the consolidation up towards 71.19 or resuming the bear trend. Since the sell-off was climactic and the bear follow-through this Thursday lacked conviction, odds favor at least a test of the lower channel trendline; which could initially push the price toward the 71.00-71.19 area. Support is seen near 70.00 and 69.44… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
