Crude Oil WTI Technical Analysis: Worst daily decline since mid-July

Crude oil melted about $2.5 this Wednesday as it broke below the $67.00 psychological level and the swing low at $66.92 a barrel. This is the worst daily decline since July 16.
Bears objective is to breakout below 66.30, July 18 low in order to open the gates towards June 18 low at 62.74.
Crude oil bulls objective is to create a double bottom with July 18 low at 66.30. While in the short-term bulls have a fair chance to support the market, it remains to be seen how long they can sustain it. As of now, the overall picture suggests that a break below 66.30 is virtually bound to happen at some point.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Crude oil WTI 480-minute chart

Spot rate: 66.69
Relative change: -3.53%
High: 69.34
Low: 66.29

Main Trend: Bullish
Short-term Trend: Bearish reversal below 66.30

Resistance 1: 67.16 June 14 high
Resistance 2: 67.16 June 14 high
Resistance 3: 67.72 June 26 low
Resistance 4: 68.30 supply/demand level
Resistance 5: 69.00 figure
Resistance 6: 69.44 June 25 high
Resistance 7: 70.00 figure
Resistance 8: 70.53 May 24 low
Resistance 9: 71.19 May 23 low
Resistance 10: 72.13 July 6 low
Resistance 11: 73.00 figure

Support 1: 66.30-66.53 July 18 swing low and June 20 high
Support 2: 65.71, June 22 low
Support 3: 65.00 figure

Author

Flavio Tosti

Independent Analyst

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