Crude Oil WTI Technical Analysis: Oil breaking below key levels put bull trend at risk

Crude oil broke below 66.30 July 18 swing low and a multi-month bullish trendline as bears are challenging the main bull trend.
Since 66.30 is a key level, the 65.71-66.30 become a selling area to potentially initiate new short positions. Targets to the downside are located near 64.60 and 64.00 figure.
A sustained breakout above 66.30 would invalidate the bearish trade.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 66.63
Relative change: -2.77%
High: 66.90
Low: 64.51

Main Trend: Bullish

Resistance 1: 65.00 figure
Resistance 2: 65.71, June 22 low
Resistance 3: 66.30-66.53 July 18 swing low and June 20 high
Resistance 4: 67.16 June 14 high
Resistance 5: 67.72 June 26 low
Resistance 6: 67.95 swing high

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

Author

Flavio Tosti

Independent Analyst

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