- Crude oil was unable to continue the bull rally initiated on Thursday as the market is having a 61.8% Fibonacci retracement from the last bull leg (August 2).
- Next week bulls will try to push the market above $69.00 a barrel while bears will try to drive the market below the 67.72 support.
- The market might need to consolidate some more below 69.00, however, the current bullish momentum favors a breakout above 69.00 as long as the market holds 67.72.
Spot rate: 68.56
Relative change: 0.52%
High: 69.21
Low: 67.90
Trend: Bullish
Resistance 1: 69.00 figure
Resistance 2: 69.44 June 25 high
Resistance 3: 70.00 figure
Resistance 4: 70.53 May 24 low
Resistance 5: 71.19 May 23 low
Resistance 6: 72.13 July 6 low
Resistance 7: 73.00 figure
Support 1: 68.30 supply/demand level
Support 2: 67.72 June 26 low
Support 3: 67.16 June 14 high
Support 4: 66.53 June 20 high
Support 5: 65.71, June 22 low
Support 6: 65.00 figure
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