- 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.
Spot rate: 66.49
Relative change: -0.21%
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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