WTI Crude: Bounces From Below The 4310/05 Target
Jason Sen | Jun 21, 2017 02:46AM ET
WTI Crude bounces from just below the 4310/05 target. We are severely oversold with very minor bullish signals that may indicate a good chance of a small recovery today. I cannot suggest longs in the bear trend without more solid buy signals but I can say it could be a good time for profit taking on all shorts. A recovery targets 4375/80 then strong resistance at 4420/30. Gains are likely to be limited in the bear trend so watch for a high for the day. Bears are still in full control. Shorts need stops above 4460 to targets a selling opportunity at 4505/15. Try shorts with stops above 4540.
Bears are still in full control so a break below 4290 targets the November low at 4230/20. However in such severely oversold conditions the downside is likely to be more limited at this stage. We are likely to see sideways trading sooner rather than later to ease these conditions.
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