Crude Oil WTI Technical Analysis: Oil consolidating climactic sell-off, bulls eyeing $70.00 a barrel
|- Crude oil found resistance at 71.19, May 23 low earlier in the day then lost almost $2 to the downside to find intraday support at $69.44 a barrel, the June 25 high.
- Crude oil bears didn’t manage to make a repeat of Wednesday’s sell-off and while the momentum is down if bulls manage to close above 70.00 the correction can accelerate towards 70.53 May 24 low in the near-term.
Spot rate: 69.69
Relative change: -1.23%
High: 71.23
Low: 69.23
Trend: Bearish
Resistance 1: 70.00 figure
Resistance 2: 70.53 May 24 low
Resistance 3: 71.19 May 23 low
Resistance 4: 72.25 last week’s low
Resistance 5: 72.83 June 27 swing high
Resistance 6: 72.53 July 5 low
Resistance 7: 73.00 figure
Support 1: 69.44 June 25 high
Support 2: 69.00 figure
Support 3: 68.30 demand level
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