Home Crude Oil WTI Technical Analysis: Climactic sell-off sees bulls defending the $70.00 figure
FXStreet News

Crude Oil WTI Technical Analysis: Climactic sell-off sees bulls defending the $70.00 figure

  • 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 low
Resistance 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.