- Crude oil main bull trend is having a consolidation period.
- Crude oil is consolidating last week decline and is currently forming a triangle compression pattern (green lines).
- The RSI is at 47 and the MACD is turning south as both indicators are pointing to further losses. On a bear breakout, the initial target would be located near 66.87 (September 7 low).
Crude oil WTI 240-minute chart
Spot rate: 68.81
Relative change: 0.00%
High: 69.69
Low: 68.51
Main Trend: Bullish
Short-term trend: Bearish
Resistance 1: 69.00 figure.
Resistance 2: 69.30 August 24 high
Resistance 3: 69.44 June 25 high
Resistance 4: 70.00 figure
Resistance 5: 70.53 May 24 low
Resistance 6: 71.41 September 4 high
Support 1: 68.00-68.30 zone, figure and supply/demand level
Support 2: 67.84 August 14 swing high
Support 3: 67.16 June 14 high
Support 4: 67.72 June 26 low
Support 5: 66.87 September 7 low
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD met decent contention near 0.6650
Finally, AUD/USD managed to regain the smile, bouncing off recent lows near 0.6650 and reclaiming the area beyond 0.6700 the figure despite the broad-based upside impulse in the US Dollar.
EUR/USD: Next on tap comes 1.0800
EUR/USD accelerated its bearish trend on Thursday, coming close to the key 1.0800 support level after the dovish 25 bps rate cut by the ECB, and the continuation of the rally in the Greenback.
Gold nears $2,700 amid US elections’ uncertainty
Prices of Gold advance for the third consecutive session and trade near recent all-time highs around the $2,680 mark per ounce troy despite the incessant rise in the Greenback and the corrective uptick in US yields.
Solana Price Forecast: SOL hovers above $150 as interest in building on its blockchain doubles in 2024
Solana (SOL) hovers around the $150 level on Thursday. Recent gains in the native token of the Solana blockchain are likely catalyzed by rising investor and developer interest.
Retail Sales post broad advance in September
Despite worries about the financial health of the consumer and potential weakening in the labor market, U.S. retailers had a solid month in September. Control group sales rose more than twice the expected amount, pointing to stronger Q3 consumer spending.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.