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WTI Crude Daily Forecast - Crude Is Breaking Its Support

Published 08/17/2017, 09:17 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Chart

WTI Crude breaks strong support at 4730/20. As stated yesterday: Because this is important support, a break lower is a sell signal. Be ready to reverse in to a short on a break below 4685 targeting 4650/45 & 4625/20. (These are only targets, not supports). On further losses look for 4595/85 & 4555, before support at 4535/25 for profit taking on all remaining shorts.

First resistance at 4720/30. Try shorts with stops above 4760. An unexpected recovery above here however puts bulls back in control targeting 4790/99 & perhaps as far as strong resistance at 4845/55.

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