Oil consolidating climactic sell-off, bulls eyeing $70.00 a barrel


  • Crude oil found resistance at 71.19, May 23 low earlier in the day then lost almost $2 to the downside to find intraday support at $69.44 a barrel, the June 25 high. 
  • Crude oil bears didn’t manage to make a repeat of Wednesday’s sell-off and while the momentum is down if bulls manage to close above 70.00 the correction can accelerate towards 70.53 May 24 low in the near-term.

Crude oil WTI 15-minute chart

Spot rate:                      69.69
Relative change:          -1.23%     
High:                             71.23
Low:                              69.23

Trend:                           Bearish

Resistance 1:               70.00 figure
Resistance 2:               70.53 May 24 low 
Resistance 3:               71.19 May 23 low  
Resistance 4:               72.25 last week’s low 
Resistance 5:               72.83 June 27 swing high  
Resistance 6:               72.53 July 5 low
Resistance 7:               73.00 figure

   
Support 1:                    69.44 June 25 high
Support 2:                    69.00 figure 
Support 3:                    68.30 demand level 



Source link



Leave a Reply

error: Content is protected !!