WTI Crude failure to beat 5669 should trigger a move lower towards 5585/80 but if we continue lower look for first support at 5520/5510. A good chance of
WTI Crude May contract Daily Forecast - 16 April 2015WTI Crude failure to beat 5669 should trigger a move lower towards 5585/80 but if we continue lower look for first support at 5520/5510. A good chance of a bounce from here with the outlook positive, but if we continue lower look for an excellent buying opportunity at 5440/5430. Try longs with a stop below 5400.
There is trendline resistance at 5650 but a break above 5670 continues the four-week bull run and there is little to stop a move to 5750/5760. This is strong longer-term resistance and it’s too risky to run longs any further. Exit longs & try shorts with stops above 5790. Only a break and close above here would keep the outlook positive to target 5850/55 and perhaps as far as 5890/5900.
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