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Crude: Longs Looking Risky

Published 10/27/2016, 03:45 AM
Updated 07/09/2023, 06:31 AM
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WTI Crude Weekly Chart

WTI Crude first support at 4900/4890 is obviously important today after holding perfectly when tested twice yesterday. However longs look risky is this correction phase and we could fall as far as 4840/30. This is the best chance of a low for the day as we become oversold but longs need stops below 4800.

First resistance at 4935/40 is minor but above here look for stronger resistance at 4965/70. Shorts need stops above 4090. Further gains then target strong resistance at 5010/20 with a high for the day likely. Try shorts with stops above 5055.

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