Crude Oil WTI Technical Analysis: Sell-Climax might lead to bull reversal to $73.00 a barrel

  • Crude oil buyers are keeping the bull trend intact as WTI is holding above the 200-period simple moving average. 
  • Crude oil created a sell-climax by slipping through the bear trendline and finding support at the 200 SMA just above 70.00 figure. The RSI indicator is no longer overbought while the Stochastic is set to leave the overbought zone soon. All in all suggesting that bulls might be alive and kicking. 
  • A bear breakout below 70.00 would likely invalidate the bullish bias. 

Crude oil WTI 4-hour chart

Rate:                         71.50
Relative change:       0.56%     
High:                         71.98
Low:                          70.61

Main Trend:               Bullish

Resistance 1:           72.00 figure
Resistance 2:           73.00 figure
Resistance 3:           74.00 figure 
Resistance 4:           75.19 October 5 high

Support 1:                71.45 September 26 low
Support 2:                70.53 May 24 low
Support 3:                70.00 figure

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