Crude oil WTI Technical Analysis: Black Gold supported at $65.50 as bulls slowly awaken from the ashes

• Crude oil has been stalling for three days near the daily 100-period simple moving average as oil lost more than 11% since May 22 after peaking at $72.83 a barrel.
• The market formed a double bottom with Tuesday’s low. If bulls manage to climb back above the 66.00 handle they may target 68.30 last key supply level.
• However, a breach through the 64.12-63.72 demand zone would likely see crude oil resume its recent downward trajectory towards the 62.25 March 16 close. 

Crude oil WTI 15-minute chart

Spot rate:                   64.86
Relative change:       -0.69%     
High:                           65.94
Low:                            64.27

Trend:                         Neutral /Bullish above 66.00

Support 1:                  64.12-63.72 demand zone
Support 2:                  62.25 March 16 close    
Support 3:                  60.00 figure 

Resistance 1:             65.56 April 17 low
Resistance 2:             66.00 handle
Resistance 3:             68.30 last key supply level