Crude Oil WTI Technical Analysis: This might be a bull trap

• The main bull trend is in a deep pullback since early July.
• On the 15-minute chart, crude oil had three pushes up after breaking out of the triangle compression pattern (red). Oil is also testing the 100 and 200-period simple moving averages on the daily chart. The market tested the 69.00 figure and is currently breaking below the trendline (yellow), suggesting that the idea of a breakout above 69.00 might be a bull trap. Bears target are located in the 67.00-67.30 zone and 66.30-66.53 area.  
• A sustained breakout above 69.00-69.30 zone would invalidate the short-term bearish bias.

Crude oil WTI 15-minute chart

Spot rate:             68.67
Relative change:  0.13%     
High:                     68.94
Low:                      68.32

Main Trend:          Bullish  
Short-term trend:  Bearish below 68.30 or on a failure above 69.00

Resistance 1:       69.00 figure
Resistance 2:       69.30 August 24 high 
Resistance 3:       69.44 June 25 high
Resistance 4:       70.00 figure

Support 1:            68.30 supply/demand level
Support 2:            67.84 August 14 swing high
Support 3:            67.16 June 14 high
Support 4:            67.72 June 26 low 
Support 5:            67.00-67.30 zone, figure and August 23 swing low
Support 6:            66.30-66.53 zone, July 18 swing low and June 20 high
Support 7:            65.71, June 22 low
Support 8:            64.60 May 28 low
Support 9:            64.00 figure
Support 10:          63.63 June 11 low
Support 11:          62.40 June 18 low 

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