CasualFinance

Daily CL Outlook Short Term/Long Term

Long
TVC:USOIL   CFDs on WTI Crude Oil
Recap: Yesterday's EIA reports pushed WTI out of its short term bullish channel and long term sideways channel.

Short term: After breaking through key resistance levels yesterday and testing short term support on numerous occasions, WTI looks poised for further short term upside.


Long term: After breaking through long term resistance, WTI has paved the way for further upside in excess of $70/ bbl . Note such breakouts generally return to test resistance-turned-support.

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