WTI crude oil extended earlier gains, approaching the key resistance around 90.00-90.50 area. We still expect price to reverse course and resume the overall bearish wave. Only a break and steady trading above 90.50 may damage the bearish structure.
Support: 88.10, 87.85, 87.00, 86.05, 85.22
Resistance: 89.00, 89.40, 90.00, 90.30, 90.85
Based on the charts and explanations above, we prefer to short oil below 90.00 targeting 88.10,87.10 and 86.05. Stop loss above 89.75.
Support: 88.10, 87.85, 87.00, 86.05, 85.22
Resistance: 89.00, 89.40, 90.00, 90.30, 90.85
Based on the charts and explanations above, we prefer to short oil below 90.00 targeting 88.10,87.10 and 86.05. Stop loss above 89.75.
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