WTI crude first resistance at 5860/55, and holding below here targets support at 5780/70. A break below 5750 today risks a slide to 5730/25, then last week's low at 5683. If we continue lower this week, look for a test of May lows at 5655/50. We could continue lower to test short term trend line and 55 day moving average support at 5600/5590. Buy here, stop 5560. Target 1 at 5650 (trail stop to entry), Target 2 at 5705, then 5750. An unexpected break below 5570, however, targets 5500/5490.
Back above first resistance at 5860 retests resistance at 5910/5915. Sell here, stop 5940. Target 1 at 5860 (trail stop to entry). Target 2 at 5830, then 5790. A break higher, however, targets strong resistance at 5970/80. Sell here, stop 6010. Be ready to buy a break above 6000 to target 6045, then trend line resistance at 6130/35.