Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Crude Bulls Face A Challenge At 4755/60

Published 08/30/2016, 02:22 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Chart

WTI crude October first resistance at 4710/20 is quite strong today but so is 4755/60. This area therefore is the main challenge for bulls today. Shorts need stops above 4790. A break higher targets 4825/30, perhaps as far as 4875/85 then the August high of 4925/35.

Failure to beat strong resistance at 4710/60 re-targets minor support at 4720/15, perhaps as far as a last week's low at 4650/45. Be ready to sell a break below here this week to target support at 4580/70 for profit taking on at least some profit taking on shorts. Just be aware that if further losses are seen we could target better support at 4510/00.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.