Crude Oil WTI Technical Analysis: Bears did it again - Oil down almost 4%

Crude oil extended the bear trend by almost 4% this Monday as the pullback up above 71.00 last Friday was fairly weak and was possibly indicative of lower prices.
Crude oil is now consolidating the strong move lower at around $68.00 a barrel. The pullback up might extend to 69.00-69.44 area. However, since the bear trend is so steep pullbacks might be very shallow.
Targets to the downside can be located near 66.53, June 20 high and 65.71, June 22 low.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 68.00
Relative change: 3.86%
High: 70.84
Low: 67.56

Trend: Bearish

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

Support 1: 67.72 June 26 low
Support 2: 67.16 June 14 high
Support 3: 66.53 June 20 high
Support 4: 65.71, June 22 low

Author

Flavio Tosti

Independent Analyst

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