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Crude Bulls Remain In Full Control

Published 10/05/2016, 06:55 AM

WTI Crude Daily Forecast

WTI crude topped just 5 ticks from the next target and July high at 4935. Bulls remains in full control despite overbought conditions and a break above 4935 today targets 4960/63, perhaps as far as the big $50.00. If we continue higher look for 5045/55.

Again, without a sell signal or important resistance I cannot recommend a short yet. However if we do see profit taking and a dip below 4900 look for 4855/50. Downside should be limited but further losses meet good support at 4815/10. Try longs with stops below 4785.

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