- Crude oil reached almost a daily high of $69.00 on the CL 09-18 Futures contract as bulls reached the upper range of the bear channel.
- Bulls will try to breakout above the channel pushing through 68.30 and 69.00 while bears will try to drive the market down below 67.72 and 67.16.
- Bulls have been quite active in the last two days but they need a clear breakout above 68.30-69.00 in order to officially call the resumption of the bull trend. Failure to breakout above 69.00 would be seen as a sign of bullish weakness and would likely be met with strong selling.
Spot rate: 67.98
Relative change: 0.80%
High: 68.80
Low: 66.62
Trend: Bullish
Resistance 1: 68.30 supply/demand level
Resistance 2: 69.00 figure
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 5: 70.53 May 24 low
Resistance 6: 71.19 May 23 low
Resistance 7: 72.13 July 6 low
Resistance 8: 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