Crude Oil WTI Technical Analysis: WTI meets resistance at the monthly high and can rotate down to $69.30 a barrel
|- Crude oil bulls met resistance at the September high.
- Oil is trading above its main simple moving averages (50, 100 and 200 SMA) however the SMAs are rather flat suggesting that the market lacks some bullish momentum.
- As the market rejected the 71.41-63 zone (Sept.4 high-July 13 high) and the RSI and Stochastics are falling after being in overbought condition, there is room for a drop to 69.30 (August 24 high) close to the 50 and 100 SMA.
Spot rate: 70.28
Relative change: -1.04%
High: 71.32
Low: 70.26
Main Trend: Bullish
Resistance 1: 70.53 May 24 low
Resistance 2: 71.41-63 zone, Sept.4 high-July 13 high
Resistance 3: 73.00 figure and supply level
Resistance 4: 75.00 figure
Support 1: 70.00 figure
Support 2: 69.44 June 25 high
Support 3: 69.30 August 24 high
Support 4: 69.00 figure.
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