Crude: Further Losses Are Expected Today
Jason Sen | Sep 12, 2016 03:21AM ET
WTI Crude oil headed lower exactly as predicted and the 4775 high was the top as expected. We broke 4665/60 to bottom just 6 ticks from our buying opportunity for the day at 4550/40.
However further losses are expected today so be ready to sell a break below 4540 to target minor support at 4510/00. No reason to be looking for a bottom and further losses target 4460/50 then trend line support at 4425/20 for some profit taking on shorts. This is the best chance of a low for the day but longs still a bit risky here. If you try, use a stop below 4385.
First resistance at 4540/50 then a selling opportunity at 4600/4610. Shorts need stops above 4635.
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