Crude oil WTI Technical Analysis: Black Gold consolidating daily gains below $68.00 a barrel

Crude oil had a boost to $67.93 a barrel and is now consolidating the daily gains.
WTI is trading within the range of the last two weeks and bulls are currently capped by the 68.00 figure. A failure to break above the daily high at 67.93 could lead to a rotation down towards the 67.00 level.
The Organization of Petroleum Exporting Countries (OPEC) announced that it will increase production by 1 million barrels per day.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 67.62
Relative change: 2.74%
High: 67.93
Low: 65.70

Trend: Bullish

Resistance 1: 67.93 current Friday’s high
Resistance 2: 68.30 May 31 high
Resistance 3: 69.00 figure

Support 1: 67.34 June 1, low
Support 2: 67.00 figure
Support 3: 66.56 May 31 low

Author

Flavio Tosti

Independent Analyst

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