WTI Crude good support at 4840
|Daily Forecast - 01 July 2016
WTI Crude August contract
WTI Crude good support at 4840 we stated should act as the last line of defence for bulls & this has held as we bottomed at 4824/17 then. Now trading well above 4840 but strong resistance at 4875/80 is a big challenge for bulls today. Shorts need stops above 4900. Above here is more positive & targets 4950/60 then this week's 5000 high. This is not much of a resistance to worry about & further gains target last week's high at 5050/54. If we break higher look for 5075 then 5105/00 before this years high at 5157/67. Below 4840 risks a slide to the best support for today at 4800/4790. Try longs with stops below 4770. A break below 4790 is a short term sell signal & targets 4745/40 then 4725/20.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.