Crude Oil WTI Technical Analysis: Black Gold ranging above $70.00 a barrel after last week sell-off

Crude Oil WTI is trading in a bull trend above the 200-period simple moving average.
Oil is losing some steam as the 50 SMA is about to cross below the 100 SMA which is seen as rather bearish. Bulls seem to have lost momentum as the RSI is trading below the 50 line. However as long as oil trade near the 200 SMA and hold above 70.00 bulls have a chance to come back and potentially break above 73.00 figure.
A bear breakout below 70.00 on a daily closing basis would invalidate the bullish bias.

Flavio Tosti Independent Analyst

Crude Oil WTI 4-hour chart

Rate: 71.59
Relative change: -0.84%
High: 72.67
Low: 70.83

Main Trend: Bullish

Resistance 1: 72.00 figure
Resistance 2: 73.00 figure
Resistance 3: 74.00 figure
Resistance 4: 75.19 October 5 high

Support 1: 71.45 September 26 low
Support 2: 70.53 May 24 low
Support 3: 70.00 figure

Author

Flavio Tosti

Independent Analyst

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