WTI Crude Oil Confused On Bull And Bear

Published 04/29/2013, 07:26 AM
Updated 05/14/2017, 06:45 AM
CL
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WTI crude oil settled back above the main broken ascending trend line and the 50,200 days SMAs, in addition to 92.00 horizontal resistances. The short-term bias could be turning. On the other hand, this could be a retest of the broken support levels, before heading to resume the recent bearish wave that started from the 97.68 level.

WTI Crude Oil
We will wait for further stability above these levels to confirm a bullish move for the week. The bullish bias is favored over intraday basis,.

Support: 92.00, 91.10, 90.60, 90.25, 89.30
Resistance: 93.70, 94.45, 94.85, 95.50, 95.90

Based on the charts and explanations above, we prefer to long oil above 92.00 targeting 93.00,93.50 and 94.50. Stop loss below 91.00

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