Technical Analysis and Outlook
WTI crude oil closed down on Wednesday forming important Mean Resistance $72.20, while prices closed near the upcoming first Mean Support $68.90. The bulls continue to have the overall near-term technical edge, although the latest crude price action indicates a short-term market top is at its position as a result of major Oil Rally $76.20 completion.
The second Mean Support is shown at $67.50; the third and vital Mean Support rests at $66 near Oil Dip $65.70 significant crude oil destination, while VERY MAJOR Key Support lays at $64.30.
WTI crude oil closed down on Wednesday forming important Mean Resistance $72.20, while prices closed near the upcoming first Mean Support $68.90. The bulls continue to have the overall near-term technical edge, although the latest crude price action indicates a short-term market top is at its position as a result of major Oil Rally $76.20 completion.
The second Mean Support is shown at $67.50; the third and vital Mean Support rests at $66 near Oil Dip $65.70 significant crude oil destination, while VERY MAJOR Key Support lays at $64.30.
Commodity market was mostly bullish on Friday on account of the US Dollar’s drop, with WTI crude oil recouping after Thursday’s selloff. The crude oil contract rebounded back all the way to the $69.51 price per barrel level, as the energy commodity prevented an essential degradation out of its lengthy downslide pattern penetrating Mean Support $68.90.