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 

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 securities. 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 Forex 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.