WTI Crude: Outlook Quite Negative With Immediate Resistance At 8080
Jason Sen | Oct 23, 2014 12:58AM ET
WTI Crude Oil going sideways & could not hold above immediate resistance at 8260 after we reached 8315. Prices then broke 8170/60 hitting the next target of 8065/55 & continues lower risking a retest of last week's low at 7938/7910. This area is crucial to future direction. A double bottom is required for any chance of a sustained recovery. Exit shorts & try longs with stops below 7880. Be ready to go with a break lower however as this signals the start of the next leg down in the longer term bear trend & targets 2012 lows at 7756/28 in to next week.
Outlook is quite negative now with immediate resistance at 8080 then 8155/60. If however we continue higher look for a selling opportunity at 8240/50 with stops above 8285. Try shorts again at 8315/25 with stops above 8350.
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