Crude Bulls Face A Challenge At 4755/60
Jason Sen | Aug 30, 2016 02:22AM ET
WTI crude October first resistance at 4710/20 is quite strong today but so is 4755/60. This area therefore is the main challenge for bulls today. Shorts need stops above 4790. A break higher targets 4825/30, perhaps as far as 4875/85 then the August high of 4925/35.
Failure to beat strong resistance at 4710/60 re-targets minor support at 4720/15, perhaps as far as a last week's low at 4650/45. Be ready to sell a break below here this week to target support at 4580/70 for profit taking on at least some profit taking on shorts. Just be aware that if further losses are seen we could target better support at 4510/00.
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