WTI Crude Oil, 9425/9450 Likely To Cap
CommodityOnline | Nov 21, 2013 06:36AM ET
WTI Crude January should struggle to make gains again today with 9425/9450 likely to cap. Only a break above 9455 turns the outlook more positive & can target 9535/40, possibly as far as 9500/10. We are close to testing Nov lows at 9317 for the Jan contract but be aware that we do appear to be in a process of forming a bottom for the 3 month correction.
Failure to hold 9300 today is a realistic possibility & could lead to a test of the 9265/45 area. With the bottoming process, this area could mark the low for the week. However a break lower cannot be ruled out & could target excellent support at 9200/75 for a buying opportunity & an end to the correction.
Weekly outlook: The 200 week moving average & 17 month trend line support at 91.90/70 offers a buying opportunity & a low for the 2 month correction expected. A daily close above 96.00 is more positive & could target strong resistance at 98.70/70.
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