WTI Crude: First Resistance At 5340/50 Should Still Be Key To Direction
Jason Sen | Jan 24, 2017 05:34AM ET
WTI Crude first resistance at 5340/50 should still be key to direction & shorts need stops above 5370. Be ready to buy a break above minor short term trend line resistance at 5370. A break sustained break higher targets 5388/90 then strong resistance at 5430/40. Try shorts with stops above 5475.
Failure to beat first resistance at 5340/50 targets 5305/00 then good support at 5275/65. This did hold the downside perfectly in the second half of the session yesterday, but further losses today re-target 5230/20, perhaps as far as 5210/00 before last week's low at 5181/5172. Try longs with stops below 5150. A break lower, however, is a sell signal targeting 5120 & 5085/80.
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