- Crude oil bull trend has been retracing since July 3.
- Crude oil formed a triangle compression pattern with the 100-period simple moving average crossing above the 200-period simple moving average suggesting a bullish bias. Bulls are starting to break the triangle to the upside. Target 1 is located in the 66.30-66.53 zone and target 2 in the 67.16-67.72 area.
- A sustained bear breakout below 64.60 would negate the bullish bias.
Spot rate: 65.65
Relative change: 0.29%
High: 65.67
Low: 65.28
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: 67.72-67.84 June 26 low and August 14 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
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