WTI Crude: 6560/20 Key To Direction This Week
Jason Sen | May 28, 2018 01:49AM ET
WTI crude shorts as we suggested from just below 7300 are looking at significant profits as prices collapsed to 6700. With no sign of a bounce we look for a move below 6700 to target 6675/70 and strong support at 6610/00. Profit taking would be a good idea with profit potential of up to 650 ticks in just a week. There is strong support at 6560/20 this week, which will be key to direction.
I warned last week of significant risks to the downside with extremely high speculative longs. Stops are getting triggered all the way down in the bull trap. Gains are likely to be limited on any bounce with bulls in full panic mode. Minor resistance at 6750/60, 6800/10 and 6840/50.
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