Crude Oil WTI Technical Analysis: Black Gold falling below $70.00 a barrel

Crude oil bear momentum is accelerating as the market broke below the 70.00 figure and teh 200-period simple moving average.
The 50-period simple moving average crossed below the 100 SMA confirming the bearish bias. The RSI, MACD and Stochastic indicators are turning sharply lower.
While the bears might take a breather for the time being the market seems likely to remain under pressure below 71.00 figure.

Flavio Tosti Independent Analyst

Crude Oil WTI 4-hour chart:

Rate: 70.05
Relative change: 2.96%
High: 72.41
Low: 69.61

Main Trend: Bullish

Resistance 1: 70.53 May 24 low
Resistance 2: 71.45 September 26 low
Resistance 3: 72.00 figure

Support 1: 70.00 figure
Support 2: 69.00 figure
Support 3: 68.00 figure

Author

Flavio Tosti

Independent Analyst

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