WTI Crude reached our selling opportunity at 9780/90 & this trade worked perfectly as we topped exactly here at 9790. We sold off to immediate support at 9720 for a good profit on the day. We meet resistance at 9749 this morning but above here another selling opportunity at 9780/90. A high for the day possible here again but our shorts need stops above 9820. A break higher is not expected but if seen could target 9875 for the next selling opportunity.
Failure to beat 9749 triggers a drift lower towards 9705/00. Below here look for support at 9680/70 & a bounce possible. However on a break lower look for the 9626/10 support area where a low for the day is likely.
Weekly outlook: Failure to beat the 200 day moving average last week saw us resume the 3 month bear trend & we could reach 9460/50 this week. Only above 9810/20 is less negative, but bulls can only feel confident on a daily close above 9875.
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WTI Crude Oil: Less Negative Above 9810/20
Published 12/18/2013, 07:18 AM
Updated 05/14/2017, 06:45 AM
WTI Crude Oil: Less Negative Above 9810/20
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