Crude Oil WTI: Oil finds a floor at $70.00 a barrel after nearly 5% decline
|- Crude oil is about to close the day printing a loss of about 4.66% which is not seen since mid-June.
- The crude oil sell-off was climactic and broke below the lower trendline of the bear channel as it reached $69.98 a barrel. It might be reasonable to expect some profit-taking and a pullback up in the 71.19-72.00 region.
- However, the bear momentum is strong and a strong breakout below 70.00 would see a continuation of the bear trend towards 69.44 June 25 high and 69.00 figure.
Crude oil WTI 15-minute chart
Spot rate: 70.56
Relative change: -4.66%
High: 74.24
Low: 69.98
Trend: Bearish
Resistance 1: 71.19 May 23 low
Resistance 2: 72.25 last week’s low
Resistance 3: 72.83 June 27 swing high
Resistance 4: 72.53 July 5 low
Resistance 5: 73.00 figure
Support 1: 70.53 May 24 low
Support 2: 70.00 figure
Support 3: 69.44 June 25 high
Support 4: 69.00 figure
Support 5: 68.30 demand level
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