Crude Bulls In Full Control; Don't Rule Out A Break Above 5000
Jason Sen | Oct 06, 2016 06:23AM ET
WTI crude topped just 3 ticks from the big $50.00. We are severely overbought now with very minor negative candles. Profit taking therefore is more likely although a big sell off is not expected. Watch for a move towards first support at 4930/26.
The downside should be limited but below here targets 4885. If we continue lower look for 4855/50 and a good chance of a bounce from here.
A break above 5000 not out of the question with bulls in full control, despite severely overbought conditions. If we continue higher look for 5045/55, perhaps as far as 5071/75.
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