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  • Crude oil bulls met resistance at the September high.  
  • Oil is trading above its main simple moving averages (50, 100 and 200 SMA) however the SMAs are rather flat suggesting that the market lacks some bullish momentum.
  • As the market rejected the 71.41-63 zone  (Sept.4 high-July 13 high) and the RSI and Stochastics are falling after being in overbought condition, there is room for a drop to 69.30 (August 24 high) close to the 50 and 100 SMA.  

Crude oil WTI 4-hour chart

Spot rate:                  70.28
Relative change:       -1.04%      
High:                         71.32
Low:                           70.26

Main Trend:               Bullish  

Resistance 1:           70.53 May 24 low
Resistance 2:           71.41-63 zone, Sept.4 high-July 13 high
Resistance 3:           73.00 figure and supply level
Resistance 4:           75.00 figure

Support 1:                70.00 figure
Support 2:                69.44 June 25 high
Support 3:                69.30 August 24 high  
Support 4:                69.00 figure.