Crude Oil WTI Technical Analysis: Bulls in the starting blocks ready for a breakout past $67.00 a barrel

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.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

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

Author

Flavio Tosti

Independent Analyst

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