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WTI Crude: Target Finally Achieved

ByJason Sen
Published 11/28/2013, 05:08 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Daily Chart
WTI Crude tumbled to strong weekly support at 9200/80 for a buying opportunity. This has been our target for a few weeks now and finally it has been achieved. I don't need to tell you that we are calling an end to the 3 month correction here. However be aware that a break below 9120 risks a slide to strong weekly Fibonacci support at 9055 where we could see a spike higher and hopefully hold back above 9200.

If 9177 does mark the low for the 3 month bear trend as expected we look for 9265 today and possibly as far as 9330/40. Short term this should hold a move higher but a break above 9375 keeps bulls in control.

Weekly outlook: Positive price action last week may have signaled an end to the 3 month correction. However below here this week the 200 week moving average and 17 month trend line support at 9200/70 is a buying opportunity.

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