Crude Oil WTI Technical Analysis: Rising wedge bear breakout should target $68.00 a barrel

Crude oil main bull trend is currently on hold as the bears took over the market after breaking below the 70.00 figure.
Crude oil is correcting lower as the rising wedge broke to the downside. While some bullish pullback to $70.00 a barrel are possible, the market is set to continue to trade towards the 68.00-68.30 zone, figure and supply/demand level.
A sustained bull breakout above 70.00 would invalidate the bearish bias.

Flavio Tosti Independent Analyst

Crude oil 480-minute chart

Spot rate: 68.84
Relative change: -0.76%
High: 69.59
Low: 68.59

Main Trend: Bullish
Short-term trend: Bearish below 70.00

Resistance 1: 69.00 figure.
Resistance 2: 69.30 August 24 high
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 3: 70.53 May 24 low

Support 1: 68.00-68.30 zone, figure and supply/demand level
Support 2: 67.84 August 14 swing high
Support 3: 67.16 June 14 high
Support 4: 67.72 June 26 low

Author

Flavio Tosti

Independent Analyst

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