WTI Crude Forecast - May 7, 2020

Published 05/07/2020, 08:14 AM
Updated 07/09/2023, 06:31 AM

WTI Crude broke key support at 2390/70 but unfortunately missed our buying opportunity at 2240/20 by just 18 ticks.

Today’s Analysis

WTI Crude holding support at 2390/70 this morning targets 2410/20 then first resistance at 2460/80. Shorts worked here yesterday, although I was not sure they would. Stop above 2500. A break higher re-targets 2530, 2570/80 and 2600/10. Further gains certainly look possible before we become severely overbought. I’m looking for a swing trade selling opportunity at 2800/2850, with stops above 2950.

Key support at 2390/70. Stop below 2340. A break lower targets 2310/00 and a buying opportunity at 2240/20, with stops below 2190. A break lower then targets 2140/20 with an excellent buying opportunity at 2020/2000.

Trends

  • Weekly outlook is negative
  • Daily outlook is positive
  • Short Term outlook is positive

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