Crude Oil WTI: Oil finds a floor at $70.00 a barrel after nearly 5% decline

  • Crude oil is about to close the day printing a loss of about 4.66% which is not seen since mid-June. 
  • The crude oil sell-off was climactic and broke below the lower trendline of the bear channel as it reached $69.98 a barrel. It might be reasonable to expect some profit-taking and a pullback up in the 71.19-72.00 region. 
  • However, the bear momentum is strong and a strong breakout below 70.00 would see a continuation of the bear trend towards 69.44 June 25 high and 69.00 figure. 

Crude oil WTI 15-minute chart 

Spot rate:                      70.56
Relative change:          -4.66%     
High:                             74.24
Low:                              69.98

Trend:                           Bearish

Resistance 1:               71.19 May 23 low  
Resistance 2:               72.25 last week’s low 
Resistance 3:               72.83 June 27 swing high  
Resistance 4:               72.53 July 5 low
Resistance 5:               73.00 figure

Support 1:                    70.53 May 24 low 
Support 2:                    70.00 figure
Support 3:                    69.44 June 25 high
Support 4:                    69.00 figure 
Support 5:                    68.30 demand level 

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