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Crude Oil WTI Technical Analysis: Slowly turning bullish - Supported above $66.85 a barrel

  • Crude oil bulls are trying to resume the main bull trend. 
  • Crude oil found some decent support near the 61.8% Fibonacci retracement of the August rally while the RSI, MACD and Stochastics indicators are turning bullish. 
  • The main target to the upside is located near 69.30 August 24 high and supply level. However, a sustained bear breakout below 66.85 would invalidate the bullish momentum. 

Crude oil WTI 480-minute chart

Spot rate:                  67.55
Relative change:      -0.75%     
High:                         68.50
Low:                          67.35

Main Trend:              Bullish 

Resistance 1:      67.84 August 14 swing high
Resistance 2:      68.00-68.30 zone, figure and supply/demand level
Resistance 3:      69.00 figure.
Resistance 4:      69.30 August 24 high 
Resistance 5:      69.44 June 25 high
Resistance 6:      70.00 figure
Resistance 7:      70.53 May 24 low 

Support 1:       67.16 June 14 high
Support 2:       67.72 June 26 low 
Support 3:       66.85 August 9 low

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