Crude Oil WTI Technical Analysis: Black Gold sell-climax almost reached $70.00 a barrel

Crude oil is trading in a bull trend but the head-and-shoulders pattern has given bulls a hard time to extend the trend.
Crude oil retreated almost to the 70.00 figure where it is expected to find some support if reached. The market broke below the 200-period simple moving average (SMA) but the 50, 100 and 200 SMA are still bullishly configured therefore a potential return to the mean and reversal up trade can be expected in the coming sessions.
However, the market remains predominantly bearish for the time being with the RSI, MACD and Stochastic also in negative territories further confirming the bearish momentum.

Flavio Tosti Independent Analyst

Crude oil WTI 4-hour chart

Rate: 70.71
Relative change: -2.63%
High: 72.73
Low: 70.54

Main Trend: Bullish

Resistance 1: 73.00 figure
Resistance 2: 74.00 figure
Resistance 3: 75.19 October 5 high
Resistance 4: 75.88 intraday swing high
Resistance 5: 76.00 figure
Resistance 6: 77.00 figure
Resistance 7: 77.83 November 21, 2014 high

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

Author

Flavio Tosti

Independent Analyst

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