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  • 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.  

Crude Oil WTI 4-hour chart

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