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. 

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

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