12 July Crude Oil WTI Price Technical Analysis: WTI bulls eyes $70.00


Libya’s Abu Attifel oil field, which had been shut for about two weeks due to a stand-off at eastern export terminals, has resumed operations. But for now, what can traders expect of the black gold in the near-term? Find out in today’s 12 July Crude Oil WTI Price Technical Analysis.

12 July, OctaFX – Crude oil found resistance at 71.19, May 23 low earlier in the day then lost almost $2 to the downside to find intraday support at $69.44 a barrel, the June 25 high. 

12 July Crude Oil WTI Price Technical Analysis

Crude oil bears didn’t manage to make a repeat of Wednesday’s sell-off and while the momentum is down if bulls manage to close above 70.00 the correction can accelerate towards 70.53 May 24 low in the near-term.

Crude oil WTI 15-minute chart

Spot rate:           69.69

Relative change:     -1.23%   

High:              71.23

Low:               69.23

Trend:             Bearish

Resistance

Resistance 1:       70.00 figure

Resistance 2:       70.53 May 24 low 

Resistance 3:       71.19 May 23 low 

Resistance 4:       72.25 last week’s low 

Resistance 5:       72.83 June 27 swing high 

Resistance 6:       72.53 July 5 low

Resistance 7:       73.00 figure

Support

Support 1:          69.44 June 25 high

Support 2:          69.00 figure 

Support 3:          68.30 demand level 

Disclaimer

This article about 12 July Crude Oil WTI Price Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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