Crude Shoots Higher With Bulls In Full Control
Jason Sen | Oct 07, 2016 06:04AM ET
WTI crude eventually shot higher through 5000 with bulls in full control, despite severely overbought conditions and we topped just 8 pips above the first target of 5045/55 and 8 ticks below the next target of 5071/75.
A break above 5075 cannot be ruled out despite severely overbought conditions (until we see a sell signal) and could target 5130/40 then very important resistance at the 2016 high of 5157/67. The weekly close tonight has added importance. A close above here would be an added buy signal for the start of next week.
Very minor support at 5030/25 then better support at 5000/4990 should hold initially at least. Further losses test quite good support at 4970/65 and the downside should be limited in the bull trend. However if we continue lower look for a buying opportunity at 4920/10.
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