WTI Crude has now been rangebound since the 4th of May between $67.12 and $74.71. Currently trading at around $71.75 a barrel.

WTI crude is still based in this channel on the daily timeframe. Oil has now been rangebound since the 4^th of May between $67.12 and $74.71. Currently trading at around $71.75 a barrel, the direction of its price is fairly neutral from a technical perspective. Towards the upside, the next level of resistance sits at $72.02 then at $72.26. A break above $72.26 could see the price rise higher towards $73 a barrel. Whereas support sits at $71.37 then at $70.82 and then at $70.18. A break and close below $70.18 may see a move to as low as $69 a barrel. Looking at the technical indicators, MACD is positive and RSI is neutral as it reads 51.