Crude Oil WTI Technical Analysis: WTI meets resistance at the monthly high and can rotate down to $69.30 a barrel

Crude oil bulls met resistance at the September high.
Oil is trading above its main simple moving averages (50, 100 and 200 SMA) however the SMAs are rather flat suggesting that the market lacks some bullish momentum.
As the market rejected the 71.41-63 zone (Sept.4 high-July 13 high) and the RSI and Stochastics are falling after being in overbought condition, there is room for a drop to 69.30 (August 24 high) close to the 50 and 100 SMA.

Flavio Tosti Independent Analyst

Crude oil WTI 4-hour chart

Spot rate: 70.28
Relative change: -1.04%
High: 71.32
Low: 70.26

Main Trend: Bullish

Resistance 1: 70.53 May 24 low
Resistance 2: 71.41-63 zone, Sept.4 high-July 13 high
Resistance 3: 73.00 figure and supply level
Resistance 4: 75.00 figure

Support 1: 70.00 figure
Support 2: 69.44 June 25 high
Support 3: 69.30 August 24 high
Support 4: 69.00 figure.

Author

Flavio Tosti

Independent Analyst

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