WTI Crude Oil First Support At 48.80
Jason Sen | Jun 02, 2016 03:18AM ET
WTI Crude same levels apply for today as they are working well so far this week. First support at 4880/4870 of course, but below here re-targets 4805/00 and support at 4780/70. A bounce is possible, but longs are much more risky today and would need stops below 4750. If stops are triggered we want to try to get back in to shorts on a bounce to 4770/80 to target a good buying opportunity at 4725/20. A low for the week is possible here.
Holding first support at 4880/70 targets 4920/25 (we topped exactly here on the bounce yesterday). We should struggle here again today, but further gains target 4955/60 but 5010/15 is proving a major challenge.
TO REPEAT: Although in a 5-month bull trend, we are battling overbought conditions at the big $50 number. Gains are expected to be limited therefore but above 5025 today could target 5040/44, 5070/74, and perhaps as far as 5090 this week.
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