WTI Crude Oil May Witness Further Upside Momentum

Published 05/24/2013, 05:21 AM
Updated 05/14/2017, 06:45 AM
CL
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WTI crude oil rebounded strongly following a retest of the 200-days SMA and 92.40 major swing low and support level. A rebound is normal after testing this major support area, where price is currently retesting the broken trend line shown on image. A re-attempt to the downside is probable today, so long as 94.30-94.40 resistance level is limiting further upside. A push above 94.40 could extend the move to 95.50 resistance.
WTI Crude Oil
Support: 93.50, 93.00, 92.40, 91.10, 90.10
Resistance: 94.30, 95.00, 95.50, 96.20, 97.20

Based on the charts and explanations above, we prefer to short oil below 94.50, targeting 93.50 and 92.50. Stop loss above 95.50

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