WTI Crude Could Test 41.50/60 Resistance

Published 07/16/2020, 02:31 AM

WTI Crude August Future, unfortunately, remains in the difficult sideways trend as predicted. The shorts at 4070/90 worked perfectly targeting 4030/10 for profit-taking. We then shot higher to 4126.

Today’s Analysis

WTI Crude making a break above 4070/90 could now test resistance at the June high of 4150/60. Unlikely but a break higher should fill the gap at 4210/20, which should act as the next resistance area.

It is getting more difficult to identify reliable levels, the longer we trade sideways. I would suggest best support at 4030/10. Longs need stops below 3990.

WTI Crude Chart

Trends

  • Weekly Outlook Positive
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

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