Crude Oil WTI Technical Analysis: Triangle compression pattern can send WTI to $66.87 a barrel

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).

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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