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WTI Crude: Main Challenge For Bulls Is 51850/90 Level

Published 04/21/2017, 07:16 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Weekly Chart

WTI Crude first resistance at 5135/40 again today but 5185/90 is the main challenge for bulls. A high for the day possible but if we continue higher look for quite strong resistance at 5260/70. Shorts need stops above 5300.

Failure to beat 5090/5100 keeps the pressure on for a retest of the low at 5055/51 but we could continue lower to support at 5015/10. A bounce from here possible on the first test, but longs need stops below 4975.

Latest comments

Hi Jason. I trade crude oil and find your technical analysis to be very valuable. Thank you for your posts. But wondering why you don't post them more often?
Agree. Gold reached a high of 1287 on Friday as expected, exactly at the 618 retrace of the previous decline. Not considering the impact from French election, it should decline as you've pointed but imo, it will be farther than 1250 before we seen a change in direction. Should Macron lead in round 1, we will see major gold sell off on Monday.
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