WTI Crude Topped At Key Longer Term Fibonacci Resistance. What To Watch

Published 05/27/2020, 05:47 AM
Updated 07/09/2023, 06:31 AM

WTI Crude we are short again from 3465/85 and yesterday we were immediately offered over 100 ticks profit as we hit 3338.

Today’s Analysis

WTI Crude topped exactly at important longer term Fibonacci resistance at 3465/85. Shorts need stops above 3520. A break higher is our next buy signal targeting 3565/75 and resistance at 3630/40.

Minor support at 3385/65 and again at 3315/05. Below 3290 look for 3265 & strong support at3220/00 for some profit taking on shorts. Just be aware that a break lower targets 3165/55 with minor support at 3130/20. A buying opportunity at 3075/45, with stops below 2990.

Trends

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

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