WTI Crude Daily: Gains Likely Limited

WTI Crude Daily: Gains Likely Limited

WTI Crude

WTI Crude

almost reaches the 5810 target (but gains are likely to be limited). Further gains retest that important resistance at 5890/5900. We topped exactly here last time and bagged up to 300 ticks profit on the sell off. Watch for the double top sell signal BUT a break (and close for confirmation) above 5950 is a short term buy signal targeting less important 18 month trend line resistance at 6100/6110.

Failure to beat 5810 targets 5750/45 before support at 5710/00. This held perfectly yesterday but further losses target 5665/55 before 5590/80. However longs look risky this time. A break lower targets the best support of the week at 5505/5495.

(Why?)

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