WTI Crude: Strong Resistance At 5400/10 Is Great Challenge For Bulls
Jason Sen | Apr 15, 2015 05:10AM ET
WTI Crude strong resistance at 5400/10 is a great challenge for bulls today. We are overbought short term and it could be worth trying shorts with stops above 5440. Only a close above here keeps the outlook positive and in fact a close above 5420 is seen as a buy signal to target 5450 then 5505/10 and 5575.
Risks of profit taking are higher today and below 5340 could trigger a move towards first support at 5300/5290. If we continue lower look for good support at 5240/30. Try longs with stops below 5200. On a break lower the last line of defense for bulls is 5160/50. We must see a bounce from here or the outlook turns more negative.
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