Crude Outlook Turns Negative
Jason Sen | Jul 29, 2014 10:57AM ET
WTI Crude outlook is more negative this week as stated yesterday and prices retested support at 101.10/00 as expected. We bottomed almost exactly here at 100.90 but if we continue lower this week look for a test of support at 100.60/50 and a short term buying opportunity. Just be aware that below here meets important moving average support at 100.20/99.90 but a break below 99.60 keeps the market under pressure.
Above 101.80 is less negative but resistance at 102.10/15 could hold a move higher. However a sustained break targets 102.45/50. We should struggle here with a high for the day likely but above sees 103.10/15 before resistance at 103.35/45. Bulls must push higher to turn the outlook positive and target 104.00/10. Above here opens the door to further gains targeting 104.25/30 possibly reaching as far as 104.90/95 next week.
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