Oil Outlook Neutral

Published 10/15/2020, 04:46 AM

WTI crude levels are still relevant but if you find yourself with a profitable position I suggest you take it quickly! We were offered about 40 ticks profit on any shorts at minor resistance at 4020/40. The break higher yesterday topped exactly at strong resistance at 4100/20. Obviously bulls need a break above last week’s high at 4147 for a breakout buy signal targeting 4200/20 & 4260/80.

Shorts at at 4020/40 target very minor support at 4080/70 then strong support at 4030/00. Try longs with stops below 3970. A break lower targets minor support at 3910/00 which held the downside so far this week. A break lower this time targets 3860/40. On further losses look for 3770/60.

Trends

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

WTI Crude Oil Chart

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