Crude oil (WTI) Short to Medium Term Analysis
- The WTI Crude touched a Low of $40.55 last week after the release of inventory data (Last Wednesday) showing over Supply.
- The recent release of Chinese PMI data showing signs of Chinese economy slowing down further, which puts additional pressure on Oil going forward.
Read More Here :wsj.com/articles/china-jul-official-manufacturing-pmi-49-9-vs-50-1-market-expectation-1470014653
- Buyers Buy $41.10-$41.30 for targets of $44-$45 and a Stop below $40.40.
- Sellers Wait for the Bounce to complete and Short around $46 levels and stops around $48 targeting $35.
I hope i have not disappointed anyone because i have something for everyone ;) But i am more biased towards the short side.
Happy Trading People
Cheers!!
USOIL
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