Crude Oil WTI Technical Analysis: Bull target at 66.50 mission accomplished - What is next?

Crude oil bull trend has been on pause since July 3.
Bulls broke to the upside from the triangle compression pattern and reached target area 1 in the 66.30-66.53 zone. It is now reasonable to expect some consolidation. If the bearish trendline (blue) is cleared, bulls next objective is to drive the market to target 2 in the 67.16-67.72 zone.
A sustained bear breakout below 65.71 would negate the bullish bias.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 66.22
Relative change: 1.22%
High: 66.47
Low: 65.28

Main Trend: Bullish

Resistance 1: 66.30-66.53 area, July 18 swing low and June 20 high
Resistance 2: 67.16 June 14 high
Resistance 3: 67.72-67.84 June 26 low and August 14 high

Support 1: 65.71, June 22 low
Support 2: 64.60 May 28 low
Support 3: 64.00 figure
Support 4: 63.63 June 11 low
Support 5: 62.40 June 18 low

Author

Flavio Tosti

Independent Analyst

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