WTI Crude: Outlook Has Turned Positive
Jason Sen | Oct 25, 2013 03:12AM ET
WTI Crude December hit our buying opportunity at 96.20 to 95.80. We exited shorts and tried longs with stops below 95.50. This trade worked perfectly as we bottomed exactly at 95.95.The outlook has now turned positive and we can hold our longs looking for 97.77/87. A push through 98.29 then keeps the market buoyant for a test of resistance at 98.67 which could hold the topside but if we continue higher look for 99.11.
96.10/80 remains good support for a buying opportunity again today. Exit shorts & try longs with stops below 95.50. A break lower however could then target 94.76.
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