Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Crude Outlook Turns Negative

Published 07/29/2014, 10:57 AM
Updated 07/09/2023, 06:31 AM

Crude Weekly Chart

WTI Crude outlook is more negative this week as stated yesterday and prices retested support at 101.10/00 as expected. We bottomed almost exactly here at 100.90 but if we continue lower this week look for a test of support at 100.60/50 and a short term buying opportunity. Just be aware that below here meets important moving average support at 100.20/99.90 but a break below 99.60 keeps the market under pressure.

Above 101.80 is less negative but resistance at 102.10/15 could hold a move higher. However a sustained break targets 102.45/50. We should struggle here with a high for the day likely but above sees 103.10/15 before resistance at 103.35/45. Bulls must push higher to turn the outlook positive and target 104.00/10. Above here opens the door to further gains targeting 104.25/30 possibly reaching as far as 104.90/95 next week.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.