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.

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

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