Crude Oil WTI Technical Analysis: Double Top can send WTI down to $68.00 a barrel

Crude oil main bull trend is on hold as the market printed a double top.
Bulls lost quite a lot of momentum as the RSI, MACD and Stochastics indicators are turning bearish. Bears objective is to target the consolidation area near $68.00 a barrel.
A bull breakout above 69.30 would invalidate the bearish bias.

Flavio Tosti Independent Analyst

Crude oil WTI 480-minute chart

Spot rate: 68.69
Relative change: -2.14%
High: 70.25
Low: 68.33

Main Trend: Bullish
Short-term trend: Bearish

Resistance 1: 69.30 August 24 high
Resistance 2: 69.44 June 25 high
Resistance 3: 70.00 figure
Resistance 4: 70.53 May 24 low
Resistance 5: 71.41 September 4 high

Support 1: 69.00 figure.
Support 2: 68.00-68.30 zone, figure and supply/demand level
Support 3: 67.84 August 14 swing high
Support 4: 67.16 June 14 high
Support 5: 67.72 June 26 low
Support 6: 66.85 August 9 low

Author

Flavio Tosti

Independent Analyst

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