Crude Oil WTI Technical Analysis: Black Gold blasting higher to $70.00 a barrel

Crude oil WTI gained about $2 from the daily low and is now trading around $70.00 a barrel. As discussed in the previous oil update a breakout above $70.00 would give extra confirmation that bulls are indeed in full control of the market.
Resistances to the upside are likely located near 70.53 May 24 low, 71.19 May 23 low and 72.13 July 6 low. Supports are seen near 69.44 June 25 high and the 69.00 figure.
The bull breakout coincides with a statement from Saudis. Saudis say oil exports to drop by 100K barrels per day in August.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 68.89
Relative change: 1.53%
High: 70.15
Low: 67.78

Trend: Bullish

Resistance 1: 70.00 figure
Resistance 2: 70.53 May 24 low
Resistance 3: 71.19 May 23 low
Resistance 4: 72.13 July 6 low
Resistance 5: 73.00 figure

Support 1: 69.44 June 25 high
Support 2: 69.00 figure
Support 3: 68.30 supply/demand level
Support 4: 67.72 June 26 low
Support 5: 67.16 June 14 high
Support 6: 66.53 June 20 high
Support 7: 65.71, June 22 low

Author

Flavio Tosti

Independent Analyst

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