WTI Crude: Outlook Negative Despite Oversold Conditions
Jason Sen | Jul 28, 2016 12:38AM ET
WTI crude outlook negative despite oversold conditions but I'm watching closely for a buy signal. Until then we stick with the 2 month bear trend and holding below 4200/4195 re-targets the 4168 low.
Further losses target 4150 before minor support at 4125/20 and again at 4105/00. Shorts may wish to take profit for the in the low 4100 area if we fall this far during the week.
Selling in to a recovery may be a more risky strategy today. More concerned about a short squeeze at this stage but I cannot see a buy signal so being long is also risky.
Above Tuesday's low of 4236/50 is less negative and could allow a recovery to resistance at 4310/15. We should struggle here and a high for the day possible buying opportunity at further gains target stronger resistance at 4380/90.
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