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.
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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.
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Although severely oversold the outlook is negative, as longs as we hold below 6530/60.