Crude oil WTI Technical Analysis: Black Gold strongest counter-trend move of the week sees WTI back below $67.00 a barrel.

  • Crude oil failed to reach the 67.30 resistance and is now retracing its gains made in the European session. WTI has also been rejected by the 100-period simple moving average on the 4-hour time frame. 
  • This is the strongest counter-trend move of the week which means that more sideways to down price action can be expected in the coming sessions, especially if the bullish trendline is broken. 

Crude oil WTI 15-minute chart

Spot rate:                      66.49
Relative change:           -0.21%     
High:                             67.14
Low:                              66.34

Trend:                           Neutral to bearish below 67.00 

Resistance 1:               66.56 May 31 low  
Resistance 2:               66.85 May 1 key swing low
Resistance 3:               67.30 supply level
Resistance 4:               68.30 May 31 high 

Support 1:                    66.00 key support
Support 2:                    65.52 June 13 low
Support 3:                    64.12-63.72 demand zone
Support 4:                    62.25 March 16 close    

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