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Crude: Further Losses Are Expected Today

Published 09/12/2016, 03:21 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Weekly Chart

WTI Crude oil headed lower exactly as predicted and the 4775 high was the top as expected. We broke 4665/60 to bottom just 6 ticks from our buying opportunity for the day at 4550/40.

However further losses are expected today so be ready to sell a break below 4540 to target minor support at 4510/00. No reason to be looking for a bottom and further losses target 4460/50 then trend line support at 4425/20 for some profit taking on shorts. This is the best chance of a low for the day but longs still a bit risky here. If you try, use a stop below 4385.

First resistance at 4540/50 then a selling opportunity at 4600/4610. Shorts need stops above 4635.

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