- Despite the huge build with the EIA Crude Oil Stocks change report to July 13, crude oil bulls managed to stage a rally. EIA: Commercial crude oil inventories increased by 5.8 million barrels from previous week.
- While bulls are not totally out of the woods just yet, today is the best daily close seen in about a month. Oil also rejected the daily 100-period simple moving average.
- Bulls have displayed some strength and a breakout above $70.00 should clear any doubts that bulls are in full control. Supports are seen near 68.30 and 67.72.
Spot rate: 68.96
Relative change: 1.79%
High: 69.03
Low: 67.03
Trend: Neutral to bullish
Resistance 1: 69.00 figure
Resistance 2: 69.44 June 25 high
Resistance 3: 70.00 figure
Resistance 4: 70.53 May 24 low
Support 1: 68.30 supply/demand level
Support 2: 67.72 June 26 low
Support 3: 67.16 June 14 high
Support 4: 66.53 June 20 high
Support 5: 65.71, June 22 low
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