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Crude Breaks Minor Support To Target 4950/40

Published 10/13/2016, 08:09 AM
Updated 07/09/2023, 06:31 AM
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WTI Crude Weekly Chart

WTI Crude broke minor support at 5085/80 and 5035/30 to target quite good support at 4950/40 as we become oversold short term. If bulls still have control of this market we should bottom here. Longs need stops below 4915. A break lower however after the double top is more negative and targets the August high at 4875 then 4845 and good support at 4825/15 which should hold the downside at this stage.

Minor resistance at 5030/40 then 5080/90. Obviously the most important resistance of the day is the 2016 high of 5157/67. However a break above 5180 is a buy signal keeping the 2.5 month rally alive, targeting 5215/20, 5285/95, 5345/55 and perhaps as far as 5395/99.

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