Crude Oil WTI Technical Analysis: Oil sliding down below 73.50 ahead of EIA

  • Crude oil is trading near session’s lows after the market was unable to breakout above the bull flag on Wednesday because  WTI bulls were trapped in a rising wedge (dotted lines).
  • Bears are sliding down the main bear channel upper trendline. If bulls are unable to regain control soon, a bear breakout might be on the cards. 
  • The EIA Crude Oil Stocks change to July 2 is scheduled to be released at 14:30 GMT and can potentially provide volatility.

Crude oil 15-minute chart 

Spot rate:                      73.24
Relative change:           -1.04%     
High:                             74.24
Low:                              73.13

Trend:                           Neutral to bearish

Resistance 1:               73.25 November 14, 2014 low     
Resistance 2:               74.00 figure
Resistance 3:               74.71 November 17, 2014 low
Resistance 4:               75.27 current 2018 high      
Resistance 5:               75.45 November 24, 2014 low
Resistance 6:               76.00 figure

Support 1:                    73.00 figure
Support 2:                    72.83 June 27 swing high
Support 3:                    72.00 figure        
Support 4:                    71.19 May 23 low       
Support 5:                    70.53 May 24 low   

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