Crude Oil WTI Technical Analysis: Worst daily decline since mid-July

• Crude oil melted about $2.5 this Wednesday as it broke below the $67.00 psychological level and the swing low at $66.92 a barrel. This is the worst daily decline since July 16. 
• Bears objective is to breakout below 66.30, July 18 low in order to open the gates towards June 18 low at 62.74. 
• Crude oil bulls objective is to create a double bottom with July 18 low at 66.30. While in the short-term bulls have a fair chance to support the market, it remains to be seen how long they can sustain it. As of now, the overall picture suggests that a break below 66.30 is virtually bound to happen at some point.

Crude oil 15-minute chart

Crude oil 480-minute chart

Spot rate:             66.69
Relative change:  -3.53%     
High:                    69.34
Low:                     66.29

Main Trend:                   Bullish 
Short-term:                   Bearish reversal below 66.30

Resistance 1:       67.16 June 14 high
Resistance 2:       67.16 June 14 high
Resistance 3:       67.72 June 26 low
Resistance 4:       68.30 supply/demand level
Resistance 5:       69.00 figure
Resistance 6:       69.44 June 25 high
Resistance 7:       70.00 figure   
Resistance 8:       70.53 May 24 low 
Resistance 9:       71.19 May 23 low  
Resistance 10:      72.13 July 6 low
Resistance 11:      73.00 figure

Support 1:      66.30-66.53 July 18 swing low and June 20 high
Support 2:      65.71, June 22 low
Support 3:      65.00 figure