WTI Crude: Break Below 4420 Could Signal Longer-Term Bear Market
Jason Sen | Jan 28, 2015 01:51AM ET
WTI Crude March first support at 4520/25 then yesterday's low at 4481 but below here risks a retest of the low for the February contract 4420. Obviously this is the important level to watch. A break lower is more negative and signals the resumption of the longer-term bear trend. We look for next targets 4385/80. If we continue lower today look for 4362, 4270/65, 4245/40 then 4210/05.
Above 4520/25 targets 4585/95 the 2 day high at 4640/4655. Any shorts need stops above 4665 to target 4705/15 but if we continue higher look for a selling opportunity at 4755/60 with stops above 4800.
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