Crude Oil price action projects explosive reaction to the start of European Union sanctions on Iran. Iran is the second largest producer of Crude Oil in OPEC after Saudi Arabia.
Daily production capacity is about 3.3 million barrels. WTI Crude traded at 78.00 – 77.50 price range for the most of the last week also. The close of trading on Friday 29th June projected the close price of 84.82. Current technical analysis is Bullish for Oil as long as the price action stay above 82.31 level which is the 20 Day SMA. Following support levels are located at 80.00 and 77.50. Alternatively if the bullish sentiment continues the first resistance on the upside is located at 85.30 followed by 87.50 and 90.82 which is 50 Day SMA.