Crude Oil WTI Technical Analysis: Oil approaching critical resistance near $71.50 a barrel
|- Crude oil bulls are eager to push WTI above the September high in order to extend the main bull trend.
- Crude oil is trading above its 50, 100 and 200-period simple moving averages while the RSI, MACD and Stochastics are displaying bullish momentum. However, bulls will need to break above 71.41-63 zone, (September 4 high and July 13 high) in order to extend the bull leg.
- Failure to break above 71.41-63 zone can lead to a rotation back down to 69.00
Spot rate: 70.94
Relative change: 1.60%
High: 71.01
Low: 69.61
Main Trend: Bullish
Resistance 1: 71.41-63 zone, Sept.4 high-July 13 high
Resistance 2: 73.00 figure and supply level
Resistance 3: 75.00 figure
Support 1: 70.53 May 24 low
Support 2: 70.00 figure
Support 3: 69.44 June 25 high
Support 4: 69.30 August 24 high
Support 5: 69.00 figure.
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