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Crude Oil WTI Technical Analysis: Bulls overcoming $69.00 a barrel

  • Crude oil jumped above the 69.00 resistance this Wednesday and is currently consolidating below the 69.44 resistance as the EIA Crude Oil Stocks change to July 20 came at -6.147 million versus -2.331 million; which is considered as bullish. 
  • Crude oil has confirmed the bullish bias and bulls are now looking at the 70.53 and 71.19 as next targets. Supports are seen near 69.00 and 68.30 levels. 

Crude oil WTI 15-minute chart 

Spot rate:             69.25
Relative change:  0.86%     
High:                    69.67
Low:                     68.17

Trend:                  Bullish


Resistance 1:      69.44 June 25 high
Resistance 2:      70.00 figure   
Resistance 3:      70.53 May 24 low 
Resistance 4:      71.19 May 23 low  
Resistance 5:      72.13 July 6 low
Resistance 6:      73.00 figure

Support 1:           69.00 figure 
Support 2:           68.30 supply/demand level
Support 3:           67.72 June 26 low
Support 4:           67.16 June 14 high
Support 5:           66.53 June 20 high
Support 6:           65.71, June 22 low
Support 7:           65.00 figure

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