Crude Oil WTI Technical Analysis: Risky bull trap

Crude oil pushed as high as 70.70 so far this Tuesday, just one tick shy from the 70.71 resistance, the November 17, 2014 low.
Crude oil has been grinding higher in a wedge shape (dotted line) above the bearish upper trendline in the last three days suggesting that bulls might actually be in a bull trap.
However, a bull breakout above 74.71 should lead to bear capitulation and the market can spike to 75.27 the current 2018 high.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 74.01
Relative change: 0.03%
High: 74.67
Low: 73.78

Trend: Neutral to bearish

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

Support 1: 74.00 figure
Support 2:                    73.25 November 14, 2014 low
Support 3:                    73.00 figure
Support 4:                    72.83 June 27 swing high
Support 5:                    72.00 figure
Support 6:                    71.19 May 23 low
Support 7:                    70.53 May 24 low

Author

Flavio Tosti

Independent Analyst

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