Crude Oil WTI Technical Analysis: Oil approaching critical resistance near $71.50 a barrel

• Crude oil bulls are eager to push WTI above the September high in order to extend the main bull trend.  
• Crude oil is trading above its 50, 100 and 200-period simple moving averages while the RSI, MACD and Stochastics are displaying bullish momentum. However, bulls will need to break above 71.41-63 zone, (September 4 high and July 13 high) in order to extend the bull leg.  
• Failure to break above 71.41-63 zone can lead to a rotation back down to 69.00

Crude oil WTI 4-hour chart

Spot rate:                  70.94
Relative change:       1.60%      
High:                         71.01
Low:                          69.61

Main Trend:               Bullish  

Resistance 1:           71.41-63 zone, Sept.4 high-July 13 high
Resistance 2:           73.00 figure and supply level
Resistance 3:           75.00 figure

Support 1:                70.53 May 24 low
Support 2:                70.00 figure
Support 3:                69.44 June 25 high
Support 4:                69.30 August 24 high  
Support 5:                69.00 figure.