Crude oil WTI Technical Analysis: Black Gold strongest counter-trend move of the week sees WTI back below $67.00 a barrel.
|- Crude oil failed to reach the 67.30 resistance and is now retracing its gains made in the European session. WTI has also been rejected by the 100-period simple moving average on the 4-hour time frame.
- This is the strongest counter-trend move of the week which means that more sideways to down price action can be expected in the coming sessions, especially if the bullish trendline is broken.
Spot rate: 66.49
Relative change: -0.21%
High: 67.14
Low: 66.34
Trend: Neutral to bearish below 67.00
Resistance 1: 66.56 May 31 low
Resistance 2: 66.85 May 1 key swing low
Resistance 3: 67.30 supply level
Resistance 4: 68.30 May 31 high
Support 1: 66.00 key support
Support 2: 65.52 June 13 low
Support 3: 64.12-63.72 demand zone
Support 4: 62.25 March 16 close
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.