WTI crude hits our selling opportunity at 4100/10 with stops above 4145. However, please note the bounce we were looking for on Tuesday unfortunately occurred a day late. We have a close above the important 4060 level with a bullish candle in severely oversold conditions. A break above 4120 is more positive and targets 4160 then strong resistance at 4220/25.
A high for the day likely, but we also meet important trend line resistance at 4260/65, so only a close above here signals further gains on Friday.
Failure to beat 4110 targets important support at 4065/55. Holding here confirms yesterday's bullish signal. Longs need stops below 4020. Further losses target 3990 then low at 3926/3919 lows. A break below 3920 targets support at 3885/75. However if we continue lower, look for 3840/30 then 3770/60.