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Crude: Bulls Face A Challenge At 4875/80 Resistance

Published 07/01/2016, 06:20 AM
Updated 07/09/2023, 06:31 AM
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WTI Crude Weekly Chart

WTI crude good support at 4840 we stated should act as the last line of defense for bulls and this has held as we bottomed at 4824/17 then. Now trading well above 4840 but strong resistance at 4875/80 is a big challenge for bulls today.

Shorts need stops above 4900. Above here is more positive and targets 4950/60 then this week's 5000 high. This is not much of a resistance to worry about and further gains target last week's high at 5050/54. If we break higher look for 5075 then 5105/00 before this year's high at 5157/67.

Below 4840 risks a slide to the best support for today at 4800/4790. Try longs with stops below 4770. A break below 4790 is a short term sell signal and targets 4745/40 then 4725/20.

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