Home Crude Oil WTI Technical Analysis: WTI at $68.00 a barrel – On the verge of a breakout
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Crude Oil WTI Technical Analysis: WTI at $68.00 a barrel – On the verge of a breakout

  • 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.  

Crude oil WTI 15-minute chart

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

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