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.
Comment:
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.
Comment:
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.
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.