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WTI Crude Forecast: October 19, 2020

Published 10/19/2020, 05:08 AM
Updated 07/09/2023, 06:31 AM
CL
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Crude Oil WTI Futures levels are still relevant but if you find yourself with a profitable position I suggest you take it quickly! We topped exactly at strong resistance at 4100/20 last week. Obviously, bulls need a break above October’s high at 4147 for a breakout buy signal this week targeting 4200/20 and 4260/80.

Shorts at 4100/20 target strong support at 4030/10 (we bottomed exactly here on Friday). Longs need stops below 3985. A break lower targets minor support at 3910/00 which held the downside twice so far this week. A break lower this time targets 3860/40. On further losses look for 3770/60.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

Light Crude Oil Chart

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