Crude Oil WTI Technical Analysis: Too far too fast can send oil back to $67.00 a barrel

Crude oil bulls showed on Friday that the main bull trend is still alive despite the deep pullback since early July.
Oil has made three pushes up (after the red triangle) and the market might be ripe for a pullback down as WTI is finding some resistance at the 69.00 figure and the 50 and 100-period simple moving averages on the daily chart.
If oil breaks below 68.30, targets to the downside are located at 67.16 and 66.53 swing points. A bull failure on a retest of 69.00 figure can be a short opportunity as well for a near-term revesral down.

Flavio Tosti Independent Analyst

Crude oil WTI 15-minute chart

Spot rate: 69.60
Relative change: 1.12%
High: 69.28
Low: 67.76

Main Trend: Bullish
Short-term trend: Bearish below 68.30 or a failure above 69.00

Resistance 1: 69.00 figure
Resistance 2: 69.44 June 25 high
Resistance 3: 70.00 figure

Support 1: 68.30 supply/demand level
Support 2: 67.84 August 14 swing high
Support 3: 67.16-67.72 June 14 high-June 26 low
Support 4: 66.30-66.53 area, July 18 swing low and June 20 high
Support 5: 65.71, June 22 low
Support 6: 64.60 May 28 low
Support 7: 64.00 figure
Support 8: 63.63 June 11 low
Support 9: 62.40 June 18 low

Author

Flavio Tosti

Independent Analyst

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