WTI Crude Pressure Remains To The Downside
Jason Sen | Jul 31, 2014 06:05AM ET
WTI Crude went for at resistance at 101.70/80 for our selling opportunity and topped almost exactly here at 101.67. This trade worked perfectly as pressure remained to the downside as predicted and got very close to a retest July of lows at 99.01. Prices are getting oversold but this is best ignored and stay with the bear trend. If we hold below the 200 day moving average at 9985/90 we should see a retest of the July lows at 9916/00. A break lower is of course more negative and should trigger stops down to May lows at 98.80/74. Be aware that failure here risks a slide to 98.25 but we do not meet strong support until 9770/60 for a buying opportunity.
Only above 99.90 is less negative short term and could allow a recovery to 100.30/40. We should struggle here so watch for a high for the day but if prices can continue higher we could target 100.75 for a selling opportunity with stops above 101.00. Next selling opportunity at 101.40/50.
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