WTI Crude could not reach as far as 9480/90. We are still in a near 3 month bear trend and there is a risk of lower prices at the start of the week. Back below 9360 is more negative and sees 9320. Below 9285 keeps the market under pressure and risks a retest of November lows at 9255/50. This could hold the downside but look for excellent support at 9165/35 for a buying opportunity and an end to the correction.
Above 9400 is more positive term at this stage and could see 9445/55. Resistance then at 9495 but if we continue higher look for a selling opportunity at the higher for the last 2 weeks at 9535/40.
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: Risk Of Lower Prices At Start Of Week
Published 11/18/2013, 04:36 AM
Updated 07/09/2023, 06:31 AM
WTI Crude: Risk Of Lower Prices At Start Of Week
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