Crude Oil WTI Technical Analysis: Oil market pushes higher to new 2018 high at $74.03 a barrel

Crude oil bulls are grinding higher this Thursday as they reached a new 2018 high at 74.03.
The main trend is bullish and a bull move continuation above the new 2018 high can open the gates towards 73.25 November 14, 2014 low.
However, the current move is rather climactic as oil is overshooting above most trendlines.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 73.52
Relative change: 1.65%
High: 74.03
Low: 72.18

Trend: Bullish

Resistance 1: 74.03 current 2018 high
Resistance 2: 74.71 November 17, 2014 low
Resistance 3: 75.00 figure

Support 1: 73.25 November 14, 2014 low
Support 2: 73.06, 2018 high
Support 3: 72.83 June 27 swing high
Support 4: 72.00 figure
Support 5: 71.19 May 23 low
Support 6: 70.53 May 24 low

Author

Flavio Tosti

Independent Analyst

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