Crude Oil WTI Technical Analysis: Oil sliding down below 73.50 ahead of EIA
|- Crude oil is trading near session’s lows after the market was unable to breakout above the bull flag on Wednesday because WTI bulls were trapped in a rising wedge (dotted lines).
- Bears are sliding down the main bear channel upper trendline. If bulls are unable to regain control soon, a bear breakout might be on the cards.
- The EIA Crude Oil Stocks change to July 2 is scheduled to be released at 14:30 GMT and can potentially provide volatility.
Crude oil 15-minute chart
Spot rate: 73.24
Relative change: -1.04%
High: 74.24
Low: 73.13
Trend: Neutral to bearish
Resistance 1: 73.25 November 14, 2014 low
Resistance 2: 74.00 figure
Resistance 3: 74.71 November 17, 2014 low
Resistance 4: 75.27 current 2018 high
Resistance 5: 75.45 November 24, 2014 low
Resistance 6: 76.00 figure
Support 1: 73.00 figure
Support 2: 72.83 June 27 swing high
Support 3: 72.00 figure
Support 4: 71.19 May 23 low
Support 5: 70.53 May 24 low
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