Crude Oil WTI Technical Analysis: Bulls retake control

  • Crude oil rebounded this Friday and found resistance at $67.72 a barrel. 
  • As bulls are gaining some traction their objective is to trade above 70.00 which is the last swing high. 
  • As the bear breakout below 66.30 found buyers, the bulls keep having the upper hand but they must be careful of bear reversals.

Crude oil WTI 15-minute chart

Crude oil WTI 480-minute chart

Spot rate:              66.69
Relative change:  1.60%     
High:                     67.88
Low:                      66.13

Main Trend:           Bullish  

Resistance 1:       67.72 June 26 low
Resistance 2:       68.30 supply/demand level
Resistance 3:       69.00 figure
Resistance 4:       69.44 June 25 high
Resistance 5:       70.00 figure   
Resistance 6:       70.53 May 24 low 
Resistance 7:       71.19 May 23 low  
Resistance 8:       72.13 July 6 low
Resistance 9:       73.00 figure

Support 1:       67.16 June 14 high
Support 2:       66.30-66.53 July 18 swing low and June 20 high
Support 3:       65.71, June 22 low
Support 4:       65.00 figure

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