Strong Bounce Expected in WTI
Updated
WTI Crude tests important support at 6600/6580 for a buying opportunity with stops below 6530. An unexpected but sustained break below 6530 however is a big sell signal.
I expect a strong bounce eventually to target 6620/30 & 6665/75 but we meet resistance at 6715/25. We should struggle with a high for the day likely...but shorts are too risky in the bull trend.
I expect a strong bounce eventually to target 6620/30 & 6665/75 but we meet resistance at 6715/25. We should struggle with a high for the day likely...but shorts are too risky in the bull trend.
Note
Unexpectedly we are trading below 65.30, if we can hold below this level it will be a big sell signal! Keep an eye out for the close of this hourly and four hour candles.Note
Although severely oversold the outlook is negative, as longs as we hold below 6530/60.Below 6450 targets 6415/10 & 6390/80. Below 6370 then targets 6330/25 & 6285/80.
Key resistance at 6530/60. If we break higher we meet rising 9 month trend line resistance at 6625/35, another important resistance area.
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