Crude Oil WTI Technical Analysis: 69.30 Mission Accomplished - More bullish action in the tank can drive WTI to $70.00 a barrel

  • Crude oil bulls are trying to resume the main bulls trend as they reached 69.30 (August 24 high) which was the bullish target. 
  • While there can be some small profit-taking nothing indicates that the bullish momentum should abate as the RSI, MACD and Stochastics are looking constructive for more gains. 
  • Targets to the upside are seen near the 70.00 figure and 71.41 (September 4 high).

Crude oil WTI 480-minute chart

Spot rate:                  69.25
Relative change:      2.43%     
High:                         69.36
Low:                          67.45

Main Trend:              Bullish 

Resistance 1:      69.30 August 24 high 
Resistance 2:      69.44 June 25 high
Resistance 3:      70.00 figure
Resistance 4:      70.53 May 24 low
Resistance 5:      71.41 September 4 high 

Support 1:       69.00 figure.
Support 2:       68.00-68.30 zone, figure and supply/demand level
Support 3:       67.84 August 14 swing high
Support 4:       67.16 June 14 high
Support 5:       67.72 June 26 low 
Support 6:       66.85 August 9 low

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