Crude Oil WTI Technical Analysis: Risky bull trap

• Crude oil pushed as high as 70.70 so far this Tuesday, just one tick shy from the 70.71 resistance, the November 17, 2014 low.  
• Crude oil has been grinding higher in a wedge shape (dotted line) above the bearish upper trendline in the last three days suggesting that bulls might  actually be in a bull trap.  
• However, a bull breakout above 74.71 should lead to bear capitulation and the market can spike to 75.27 the current 2018 high.

Crude oil WTI 15-minute chart

Spot rate:                      74.01
Relative change:           0.03%      
High:                             74.67
Low:                              73.78

Trend:                           Neutral to bearish

Resistance 1:                            74.71 November 17, 2014 low
Resistance 2:                            75.27 current 2018 high          
Resistance 3:                            75.45 November 24, 2014 low
Resistance 4:                            76.00 figure

Support 1:                     74.00 figure
Support 2:                                      73.25 November 14, 2014 low                  
Support 3:                                      73.00 figure
Support 4:                                      72.83 June 27 swing high
Support 5:                                      72.00 figure              
Support 6:                                      71.19 May 23 low            
Support 7:                                      70.53 May 24 low