Crude Oil WTI Technical Analysis: Bearish Head-and-Shoulders pattern enters into play as Black Gold slips to $73.00 a barrel

Crude oil is trading in a bull trend but the head-and-shoulders pattern is giving bulls a hard time to continue to advance for the time being.
Crude oil retreated to the 73.00 figure and 100-period simple moving average where it is having a small bounce as the down move seems exhausted for Wednesday. However, oil is set to remain under pressure below 75.19 October 5 high (the right shoulder).
Supports to the downside can be located near 72.00 figure, 71.45 (September 26 low) and 70.00 figure.

Flavio Tosti Independent Analyst

Crude oil WTI 4-hour chart

Rate: 73.28
Relative change: -1.82%
High: 75.06
Low: 73.11

Main Trend: Bullish

Resistance 1: 74.00 figure
Resistance 2: 75.19 October 5 high
Resistance 3: 75.88 intraday swing high
Resistance 4: 76.00 figure
Resistance 5: 77.00 figure
Resistance 6: 77.83 November 21, 2014 high
Resistance 7: 80.00 round figure

Support 1: 74.00 figure
Support 2: 73.00 figure
Support 3: 72.00 figure
Support 4: 71.45 September 26 low
Support 5: 70.53 May 24 low

Author

Flavio Tosti

Independent Analyst

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