Slobodan Drvenica
Windsor Brokers
WTI Crude Oil
WTI oil eventually cracked critical 27.54 support, the lowest level since mid-2013, posted on 20 Jan, on fresh bearish acceleration that commenced from 28.70, today’s consolidation top, extending strong four-day fall and posting fresh low at 27.38, on first attempt through 27.54.
The support is tough and we may see hesitation before final break lower, however, negative sentiment, supported by firm bears on all timeframes, doesn’t show much space at the upside.
High of the day marks initial support at 28.70, with extended rallies expected to hold below 29.25, former daily higher base and pivotal support.
Firm break below 27.54, will open next targets at 26.30, Nov 2003 low and 25.47, low of Sep 2003.
Res: 28.71; 29.25; 30.00; 30.20
Sup: 27.38; 27.00; 26.30; 25.47
WTI oil eventually cracked critical 27.54 support, the lowest level since mid-2013, posted on 20 Jan, on fresh bearish acceleration that commenced from 28.70, today’s consolidation top, extending strong four-day fall and posting fresh low at 27.38, on first attempt through 27.54.
The support is tough and we may see hesitation before final break lower, however, negative sentiment, supported by firm bears on all timeframes, doesn’t show much space at the upside.
High of the day marks initial support at 28.70, with extended rallies expected to hold below 29.25, former daily higher base and pivotal support.
Firm break below 27.54, will open next targets at 26.30, Nov 2003 low and 25.47, low of Sep 2003.
Res: 28.71; 29.25; 30.00; 30.20
Sup: 27.38; 27.00; 26.30; 25.47
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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