- Crude oil chose the option of reintegrating prices above 66.30 a barrel, which as expected led to bullish interest.
- Crude oil bulls need to breakout above the bearish trendline (15-minute chart blue dotted line) and 67.95 swing high in order to confirm the next buy signal which could lead to 70.00. If bulls keep the market above 67.16 it would be considered bullish.
- However, as the market is having swings in both directions quick incursions in the 66.30-67.16 area (yellow square) are highly probable. Failure to hold prices above 65.71 would be considered bearish.
Crude oi WTI 15-minute chart
Crude oil WTI 480-minute chart
Spot rate: 66.12
Relative change: -0.85%
High: 67.95
Low: 65.72
Main Trend: Bullish
Resistance 1: 67.72 June 26 low
Resistance 2: 67.95 swing high
Resistance 3: 68.30 supply/demand level
Resistance 4: 69.00 figure
Resistance 5: 69.44 June 25 high
Resistance 6: 70.00 figure
Resistance 7: 70.53 May 24 low
Resistance 8: 71.19 May 23 low
Resistance 9: 72.13 July 6 low
Resistance 10: 73.00 figure
Support 1: 67.16 June 14 high
Support 2: 66.30-66.53 July 18 swing low and June 20 high
Support 3: 65.71, June 22 low
Support 4: 65.00 figure
Support 5: 64.60 May 28 low
Support 6: 64.00 figure
Support 7: 63.63 June 11 low
Support 8: 62.40 June 18 low
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