Crude Oil WTI Technical Analysis: Oil consolidating climactic sell-off, bulls eyeing $70.00 a barrel

  • Crude oil found resistance at 71.19, May 23 low earlier in the day then lost almost $2 to the downside to find intraday support at $69.44 a barrel, the June 25 high. 
  • Crude oil bears didn’t manage to make a repeat of Wednesday’s sell-off and while the momentum is down if bulls manage to close above 70.00 the correction can accelerate towards 70.53 May 24 low in the near-term.

Crude oil WTI 15-minute chart

Spot rate:                      69.69
Relative change:          -1.23%     
High:                             71.23
Low:                              69.23

Trend:                           Bearish

Resistance 1:               70.00 figure
Resistance 2:               70.53 May 24 low 
Resistance 3:               71.19 May 23 low  
Resistance 4:               72.25 last week’s low 
Resistance 5:               72.83 June 27 swing high  
Resistance 6:               72.53 July 5 low
Resistance 7:               73.00 figure

   
Support 1:                    69.44 June 25 high
Support 2:                    69.00 figure 
Support 3:                    68.30 demand level 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.