WTI Crude: Break Above 5030 Signals Further Gains Towards 5090/5100
Jason Sen | May 18, 2017 01:41AM ET
WTI Crude dipped to 4880/90 and holding here re-targets 4920/20 before the 4960/65 high. We are battling 1 year and 6 month trend line resistance in the upper 4900's with Fibonacci resistance at 4980/90. The 4960/90 area is best chance of a high for the week. A break above 5030 however signals further gains towards 5090/5100.
As long as we hold below 5000 risk is to the downside in the 3-month bear trend. Below 4870 targets support at 4830/20 and longs (which would be risky) need stops below 4805/00. Be ready to sell a break below if not already short to target 4785 and support at 4745/35. This is probably the best chance of a low for the day and a good place for some profit taking on shorts perhaps but longs would be very risky. If you try, use stops below 4700.
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