Crude Oil WTI Technical Analysis: Crowded trade can send WTI down to 68.00 level

Crude oil is challenging highs not seen since mid-July as the bulls are busy trying to re-establish the main bull trend.
However, the market is evolving in a rising wedge fashion signaling that this might be a crowded trade. If bears start to rotate lower below 70.00 it can induce bulls to take profits and new bears entering the market at this key level. Target to the downside is located near 68.00-68.30 zone (figure and supply/demand level).
A sustained breakout above 70.00 would invalidate the bearish bias.

Flavio Tosti Independent Analyst

Crude oil WTI 480-minute chart

Spot rate: 69.88
Relative change: -0.20%
High: 70.34
Low: 69.62

Main Trend: Bullish
Short-term trend: Bearish below 70.00

Resistance 1: 70.00 figure
Resistance 2: 70.53 May 24 low
Resistance 3: 71.19 May 23 low
Resistance 4: 72.13 July 6 low

Support 1: 69.44 June 25 high
Support 2: 69.30 August 24 high
Support 3: 69.00 figure
Support 4: 68.00-68.30 zone, figure and supply/demand level

Author

Flavio Tosti

Independent Analyst

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