Crude Oil WTI Technical Analysis: Bull target at 66.50 mission accomplished - What is next?

  • Crude oil bull trend has been on pause since July 3. 
  • Bulls broke to the upside from the triangle compression pattern and reached target area 1 in the 66.30-66.53 zone. It is now reasonable to expect some consolidation. If the bearish trendline (blue) is cleared, bulls next objective is to drive the market to target 2 in the 67.16-67.72 zone.
  • A sustained bear breakout below 65.71 would negate the bullish bias.

Crude oil WTI 15-minute chart


Spot rate:              66.22
Relative change:  1.22%     
High:                     66.47
Low:                      65.28

Main Trend:          Bullish  


Resistance 1:       66.30-66.53 area, July 18 swing low and June 20 high
Resistance 2:       67.16 June 14 high
Resistance 3:       67.72-67.84 June 26 low and August 14 high


Support 1:            65.71, June 22 low
Support 2:            64.60 May 28 low
Support 3:            64.00 figure
Support 4:            63.63 June 11 low
Support 5:            62.40 June 18 low 

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