WTI Crude: Important Resistance At 5190/5230
Jason Sen | Dec 05, 2016 08:24AM ET
WTI crude has enormously important resistance at 5190/5230. Nothing else matters as we top so far at 5180. Holding below the small double top at 5170/80 targets 5120/15, then minor support at 5080/75. Below 5050 re-targets good short term support at 5015/10. Downside is likely to be limited at this stage, but a break below the November high at 4990 should stop out any longs and risks a slide to 4965 then the best support for this week at 4960/50.
Above 5130 allows a retest of the double top high at 5170/80. As above, enormously important resistance at 5190/5230. A 2 day close also for confirmation at the very least is required to confirm a breakout but it is likely to be volatile. This would be a big buy signal longer term. First targets are 5315/10, 5350, 5385/90, 5410/15.
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