WTI Crude: Holding important support at 4418/13
|Daily Forecast - 19 June 2017
WTI Crude July Contract
WTI Crude outlook negative as we drift back towards the May low for the July contract at 4418/13. A stated last week, longs are very risky, if you decide to try I would suggest a stop below the May low on the continuation chart at 4380/76. A break lower is an obvious sell signal targeting 4355 & 4310/05 & perhaps as far as the November low at 4230/20 before the end of June.
Holding important support at 4418/13 for a second time re-targets 4480/90 & with a small double bottom we would perhaps reach as far as strong resistance at 4530/40 today. Watch for a high for the day. However Shorts need stops above 4565. If we continue higher look for a selling opportunity at 4600/10, with stops above 4650.
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