Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Crude Shoots Higher With Bulls In Full Control

Published 10/07/2016, 06:04 AM
Updated 07/09/2023, 06:31 AM
CL
-

WTI Crude Weekly Chart

WTI crude eventually shot higher through 5000 with bulls in full control, despite severely overbought conditions and we topped just 8 pips above the first target of 5045/55 and 8 ticks below the next target of 5071/75.

A break above 5075 cannot be ruled out despite severely overbought conditions (until we see a sell signal) and could target 5130/40 then very important resistance at the 2016 high of 5157/67. The weekly close tonight has added importance. A close above here would be an added buy signal for the start of next week.

Very minor support at 5030/25 then better support at 5000/4990 should hold initially at least. Further losses test quite good support at 4970/65 and the downside should be limited in the bull trend. However if we continue lower look for a buying opportunity at 4920/10.

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.