- Crude oil is in a strong bull trend as it is trading above its 50, 100 and 200-period simple moving averages.
- Crude oil has created a head-and-shoulders pattern which can create a pullback in the bull run. A break below 74.00 would be seen as bearish and can lead to a sell-off to 73.00 and possibly to 71.45 (September 26 low).
- On the flip side, a bull breakout above 75.24 (July high) would invalidate the short-term bearish pullback scenario.
Spot rate: 74.34
Relative change: 0.43%
High: 75.19
Low: 73.81
Main Trend: Bullish
Resistance 1: 75.24 (July high)
Resistance 2: 75.88 intraday swing high
Resistance 3: 77.00 figure
Resistance 4: 77.83 November 21, 2014 high
Resistance 5: 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