Crude Oil WTI Technical Analysis: Triangle compression can drive WTI to $67.70 a barrel
|- Crude oil bull trend has been in consolidation mode since July 3.
- Crude oil is forming a triangle compression pattern with the 100-period simple moving average crossing above the 200-period simple moving average suggesting a bullish bias. Targets are located near 67.16 and 67.72 levels.
- A sustained bear breakout below 64.60 could negate the bullish bias.
Spot rate: 66.41
Relative change: 0.87%
High: 66.65
Low: 65.56
Main Trend: Bullish
Resistance 1: 65.71, June 22 low
Resistance 2: 66.30-66.53 July 18 swing low and June 20 high
Resistance 3: 67.16 June 14 high
Resistance 4: 67.72 June 26 low
Resistance 5: 67.95 swing high
Support 1: 64.60 May 28 low
Support 2: 64.00 figure
Support 3: 63.63 June 11 low
Support 4: 62.40 June 18 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.