- 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.
Relative change: -2.63%
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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