Bullish advance can be capped at 73.00 a barrel

  


  • Oil bulls want to resume the main bull trend. 
  • Crude oil is trading above its 50, 100 and 200-period simple moving average but the 100 and 200 SMA are rather flat suggesting lack of strong bullish momentum in the market. The RSI indicator is pointing down after a leaving the overbought region while the Stochastics is turning down in the overbought zone. 
  • A failure to break above 73.00 a barrel should see a rotation down towards 70.00.

Crude oil WTI 4-hour chart

Spot rate:                  72.09
Relative change:       0.85%     
High:                         72.71
Low:                          71.35

Main Trend:               Bullish 

Resistance 1:           72.00 figure
Resistance 3:           73.00 figure 
Resistance 4:           75.00 figure

Support 1:                71.41-63 zone, Sept.4 high-July 13 high
Support 2:                70.53 May 24 low
Support 2:                70.53 May 24 low
Support 3:                70.00 figure
Support 4:                69.44 June 25 high
Support 5:                69.30 August 24 high 
Support 6:                69.00 figure.



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