WTI Crude made it to the target of 9535/40, but not much further. Yesterday we mentioned they we do appear to be in a process of forming a bottom for the 3 month correction & yesterday's price action appears to have confirmed this. We are overbought short term so may see weaker prices today but this may be the last chance to buy in to longs for the expected rally next week.
Below 9487 is less positive & targets support at 9440. This could hold the downside but below 9400 look for a buying opportunity at 9370/65 & a low for the day. A break above yesterday's 9563 however can target 9595 then resistance at 9638 & possibly 9700/10 for a selling opportunity at this stage.
Weekly outlook: The 200 week moving average & 17 month trend line support at 91.90/70 offers a buying opportunity & a low for the 2 month correction expected. A daily close above 96.00 is more positive & could target strong resistance at 98.70/70.