Crude Oil WTI Technical Analysis: 69.30 Mission Accomplished - More bullish action in the tank can drive WTI to $70.00 a barrel
|- Crude oil bulls are trying to resume the main bulls trend as they reached 69.30 (August 24 high) which was the bullish target.
- While there can be some small profit-taking nothing indicates that the bullish momentum should abate as the RSI, MACD and Stochastics are looking constructive for more gains.
- Targets to the upside are seen near the 70.00 figure and 71.41 (September 4 high).
Crude oil WTI 480-minute chart
Spot rate: 69.25
Relative change: 2.43%
High: 69.36
Low: 67.45
Main Trend: Bullish
Resistance 1: 69.30 August 24 high
Resistance 2: 69.44 June 25 high
Resistance 3: 70.00 figure
Resistance 4: 70.53 May 24 low
Resistance 5: 71.41 September 4 high
Support 1: 69.00 figure.
Support 2: 68.00-68.30 zone, figure and supply/demand level
Support 3: 67.84 August 14 swing high
Support 4: 67.16 June 14 high
Support 5: 67.72 June 26 low
Support 6: 66.85 August 9 low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.