WTI Crude August Futures unfortunately remains in a difficult sideways trend as we expected over a week ago. We wrote: holding above 4040/50 re-targets 4095, perhaps as far as 4110/20. These were pretty much the low and high for the day, so still an easy profitable opportunity.
Today’s Analysis
WTI Crude August holding above 4040/50 re-targets 4095, perhaps as far as minor resistance at 4110/20, which held yesterday. Resistance at 2-week highs of 4150/60 should be more of a challenge. Unlikely but a break higher should fill the gap at 4210/20.
First support at 3990/4010 holding perfectly, but below here is obviously negative for today re-targeting 3950/40, perhaps as far as support at 3910/3890. Exit shorts and try longs with stops below 3850.
Trends
- Weekly outlook is positive
- Daily outlook is positive
- Short Term outlook is neutral
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