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15 Apr 2015
WTI Crude resistance at 5400/10 to challenge bulls – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas gives the technical outlook and key levels for WTI Crude May contract.
Key Quotes
“WTI Crude strong resistance at 5400/10 is a great challenge for bulls today. We are overbought short term & it could be worth trying shorts with stops above 5440. Only a close above here keeps the outlook positive & in fact a close above 5420 is seen as a buy signal to target 5450 then 5505/10 & 5575.”
“Risks of profit taking are higher today & below 5340 could trigger a move towards first support at 5300/5290.”
“If we continue lower look for good support at 5240/30. Try longs with stops below 5200. On a break lower the last line of defence for bulls is 5160/50. We must see a bounce from here or the outlook turns more negative.”
Key Quotes
“WTI Crude strong resistance at 5400/10 is a great challenge for bulls today. We are overbought short term & it could be worth trying shorts with stops above 5440. Only a close above here keeps the outlook positive & in fact a close above 5420 is seen as a buy signal to target 5450 then 5505/10 & 5575.”
“Risks of profit taking are higher today & below 5340 could trigger a move towards first support at 5300/5290.”
“If we continue lower look for good support at 5240/30. Try longs with stops below 5200. On a break lower the last line of defence for bulls is 5160/50. We must see a bounce from here or the outlook turns more negative.”