USOIL: WTI June 3 Trade Points For Week AheadWTI USOIL: June 3rd Trade Points for Week Ahead
Good call/bad call last week here. Was looking to close out the short as the week began at around the 66.48 line and then
reversed long from here looking for 69.48. A forlorn hope.The rally got as high as 68.63 before failing away to end the week
1 pip below the next key support at 65.55 - and busted out the long stop just under 66.47 for a few pips loss as it fell,
before a little bear closing at the end of the week to finish at 65.69.
This price action has left WTI on a knife edge, saved by the closing bell at the downside limit and in desperate need of
buyers right here to avoid a another plunge to 61.92 initially. Any fall below 65.40 can be shorted using a stop above the
66.48 line to begin with looking for 61.92 initial downside..Any subsequent fall below here will signal further weakness to
60.21 and later to 58.25 as we move through the summer months
Looking at upside potential from here, the 65.55-65.50 level is critical to the medium term trend. Bulls know full well this
is their last stand for the summer ahead. It may well try to rally away from here but am not looking to buy it again after
the pattern it's made since the last rally attempt.
But it may tempt contarians...in which case please use a stop only 10 or so pips under the lows of last week and be ready
to reverse short if broken. Am hoping for a good break lower here - but it may defy us a while longer yet if it can find some
respite right here. If so, be prepared wait a little longer still or perhaps consider setting an alert
