Crude Oil WTI Technical Analysis: Rising wedge bear breakout should target $68.00 a barrel
|- Crude oil main bull trend is currently on hold as the bears took over the market after breaking below the 70.00 figure.
- Crude oil is correcting lower as the rising wedge broke to the downside. While some bullish pullback to $70.00 a barrel are possible, the market is set to continue to trade towards the 68.00-68.30 zone, figure and supply/demand level.
- A sustained bull breakout above 70.00 would invalidate the bearish bias.
Spot rate: 68.84
Relative change: -0.76%
High: 69.59
Low: 68.59
Main Trend: Bullish
Short-term trend: Bearish below 70.00
Resistance 1: 69.00 figure.
Resistance 2: 69.30 August 24 high
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 3: 70.53 May 24 low
Support 1: 68.00-68.30 zone, figure and supply/demand level
Support 2: 67.84 August 14 swing high
Support 3: 67.16 June 14 high
Support 4: 67.72 June 26 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.