Crude Oil WTI Technical Analysis: Stalling below $69.00 a barrel

Crude oil is about to end the day virtually unchanged as the market traded between 67.72 support and $68.88 a barrel.
As crude oil didn’t manage to breakout above 69.00, it is a sign of weakness for bulls which opens up the possibility of the potential resumption of the bear trend. A breakout above 69.00 could lead to a breakout towards 70.00.
Support is the 67.72 level, June 26 low and 67.16 June 14 high.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 68.09
Relative change: 0.13%
High: 68.88
Low: 67.67

Trend: Bullish above 69.00

Resistance 1: 68.30 supply/demand level
Resistance 2: 69.00 figure
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 5: 70.53 May 24 low
Resistance 6: 71.19 May 23 low
Resistance 7: 72.13 July 6 low
Resistance 8: 73.00 figure

Support 1: 67.72 June 26 low
Support 2: 67.16 June 14 high
Support 3: 66.53 June 20 high
Support 4: 65.71, June 22 low

Author

Flavio Tosti

Independent Analyst

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