WTI Crude unable to reach 9445 in a near 3 month bear trend and as expected we saw lower prices at the start of the week. Immediate resistance at 9320 and below here keeps the market under pressure risking a retest of Nov lows at 9255/50. This held the downside yesterday as expected as we bounced from 9272 and the 9272/52 area could hold again today. However a break lower cannot be ruled out and could target excellent support at 9200/75 for a buying opportunity and an end to the correction.
Above 9320 is less negative and target 9360 then 9395. If we continue higher we meet yesterday's high and Fibonacci resistance at 9428 and a high for the day likely. Only a break above 9455 turns the outlook more positive.
Weekly outlook: The 200 week moving average and 17 month trend line support at 91.90/70 offers a buying opportunity and a low for the 2 month correction expected. A daily close above 96.00 is more positive and could target strong resistance at 98.70/70.
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WTI Crude: Buying Opportunity
Published 11/19/2013, 04:18 AM
Updated 07/09/2023, 06:31 AM
WTI Crude: Buying Opportunity
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