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Buying Opportunity At 9200/70 Support

Published 11/28/2013, 05:48 AM
Updated 05/14/2017, 06:45 AM

WTI Crude tumbled to strong weekly support at 9200/80 for a buying opportunity. This has been our target for a few weeks now & finally it has been achieved. I don't need to tell you that we are calling an end to the 3 month correction here.

However be aware that a break below 9120 risks a slide to strong weekly Fibonacci support at 9055 where we could see a spike higher & hopefully hold back above 9200. If 9177 does mark the low for the 3 month bear trend as expected we look for 9265 today & possibly as far as 9330/40. Short term this should hold a move higher but a break above 9375 keeps bulls in control.
WTI Crude Oil
Weekly outlook: Positive price action last week may have signaled an end to the 3 month correction. However below here this week the 200 week moving average & 17 month trend line support at 9200/70 is a buying opportunity.

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