WTI Crude lower as predicted, initially holding just below support at 5710/00 but eventually bottomed exactly at the next target of 5665/55. THE KEY TO DIRECTION IS important support at 5600/5590 but longs look risky this time. A break lower IS A SELL SIGNAL targeting good support at 5505/5495. A bounce from here is likely on the first test so if you are trading short term, cover shorts – although the longer term outlook remains negative. (WE THEN SELL ON A BOUNCE TO 5600).
Outlook negative but an unexpected break back above 5800 could allow a move towards strong resistance at 5890/5900.
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