Crude oil WTI Technical Analysis: Black Gold bulls cling to $67.00 a barrel

  • The bears drove oil to the lower trendline from which bulls rebounded from. The market is currently testing the 67.00 level.
  • The market is evolving in a bullish channel with a wedge shape.. The next resistance to overcome will be the 67.00 level and the 100-period simple moving average on the 4-hour chart. 
  • A failure to break above 67.00 could lead to a rotation down as bulls are slowly losing momentum.

Crude oil WTI 15-minute chart

Spot rate:                      66.94
Relative change:           0.45%     
High:                             67.14
Low:                              66.33

Trend:                           Bullish 

Resistance 1:               67.00 figure
Resistance 3:               67.30 supply level
Resistance 4:               68.30 May 31 high 

Support 1:                    66.56 May 31 low  
Support 1:                    66.00 key support
Support 2:                    65.52 June 13 low

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