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Nymex WTI Light Crude: An End To The Bull Run

Published 07/15/2013, 02:19 AM
Updated 07/09/2023, 06:31 AM
Nymex WTI Light Crude
WTI Crude Aug had a big reversal on Thursday which should indicate an end to the bull run at this stage. We did see a bounce on Friday as expected to present a selling opportunity up to 106.65/85 and we topped just below at 106.33. We are overbought on the daily chart so there is a risk of profit taking at the start of this week. Immediate support is 105.59/49 then 104.90/80 but below here good support at 104.30/00. We look for a low for the day and a bounce from here. However a break confirms more profit taking to 103.30/20 then 102.30/10 for a buying opportu- nity with stops below 101.80.

Above 106.85 there is not much to stop a retest of last week’s high at 107.35/45. Exit longs and try shorts with stops above 107.75.

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