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  • Crude oil main bull trend is on hold as the market printed a double top.
  • Bulls lost quite a lot of momentum as the RSI, MACD and Stochastics indicators are turning bearish. Bears objective is to target the consolidation area near $68.00 a barrel.  
  • A bull breakout above 69.30 would invalidate the bearish bias.  

Crude oil WTI 480-minute chart

Spot rate:                  69.69
Relative change:       -2.14%      
High:                         70.25
Low:                          68.33

Main Trend:              Bullish  
Short-term trend:      Bearish

Resistance 1:            69.30 August 24 high  
Resistance 2:            69.44 June 25 high
Resistance 3:            70.00 figure
Resistance 4:            70.53 May 24 low
Resistance 5:            71.41 September 4 high  

Support 1:                 69.00 figure.
Support 2:                 68.00-68.30 zone, figure and supply/demand level
Support 3:                 67.84 August 14 swing high
Support 4:                 67.16 June 14 high
Support 5:                 67.72 June 26 low  
Support 6:                 66.85 August 9 low

Expert score

5

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