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WTI Crude: Overbought Short Term

Published 09/02/2014, 07:50 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Weekly Chart

WTI Crude getting overbought short term now so profit taking today is possible and would target 9565, possibly 9545/40. Exit shorts within this band as this could hold the downside. However, any longs need stops below 9525 as a break lower turns the outlook negative again and targets 9505 then good support at 9480/70. This should hold the downside so look for a bounce from here, but longs need stops below 9440.

Be ready to go with a break above Friday's high at 9600 to target the 100 day moving average at 9645. Exit longs and try shorts with stops above 9675. Go with a break higher again for a target of 9700/10 then a selling opportunity at 9745/50, with stops above 9780.

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