WTI Crude Tests 2-Month Trendline Resistance At 5180/90
Jason Sen | Apr 13, 2015 03:40AM ET
WTI Crude two month trendline resistance at 5180/90 is key to direction today and shorts need stops above 5210. A break higher however could target resistance at 5245/5255 but above here we could reach as far as the 100 day moving average at 5315. Unlikely any further today but if we do continue higher look for an excellent selling opportunity at 5400/10 with stops above 5440. Only a close above here turns the outlook positive for this week.
First support at 5130/5120 is very important. A break below also breaks the 4 week bulls trend and initially targets 5060/5050. Be ready to go with a break lower to target the 4970/4955 area. This could hold the downside today but be aware further losses could target support at 4860/50. Here any longs need stops below 4810.
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