WTI crude: No sell signal yet
WTI Crude
WTI Crude September Future filled the gap at 4240/50 & topped exactly here in severely overbought conditions. You have to wonder if that marks the end of the 3 month rally...but there's no sell signal yet. However we have traded sideways & held that resistance. Updated at 03:50 GMT
Daily Analysis
WTI Crude fills the gap at 4240/50, which worked as the next resistance area as predicted. Shorts offered up to 100 ticks on profit taking to 4140.
Holding first resistance at 4130/40 tests minor support at 4070/60. They should be good scalping levels. Look for 40/50 tick turns. Stop below 4030. Next target is 4000/3990 & 3790/50.
Shorts at first resistance at 4130/40 stop above 4180. Obviously key resistance is at 4240/50. Shorts need stops above 4270. A break higher is a buy signal despite severely overbought conditions targeting 4310/20, 4370/80 & perhaps as far as 4420/30.
Trends | |
Weekly Outlook | Positive |
Daily Outlook | Neutral |
Short Term Outlook | Neutral |
Chart
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