Crude oil WTI Technical Analysis: Consolidation phase after 10% decline

• WTI tanked almost 10% in the last 4 sessions as it reached a weekly bullish trendline.
• The market is consolidating the strong sell-off of the last few days as the market is deliberating between more losses or a resumption of the bull trend of the last months.
• A move above $67.00-$67.30 a barrel can open the gates to a reversal up, although it feels slightly premature at this stage.
• A strong break below 66.00 can see an extension of the bear move towards the 64.00 handle.

Crude oil WTI 15-minute chart

Spot rate:                  66.46
Relative change:     -1.22%     
High:                         67.50
Low:                          65.78

Trend:                       Bearish

Support 1:                66.00 handle
Support 2:                65.56 April 17 low
Support 3:                64.12 April 5 high

Resistance 1:          67.30 major support/resistance
Resistance 2:          68.30 major support/resistance
Resistance 3:          69.00 handle