WTI Crude Oil: 24.40 is the last line of defense for bulls
|WTI Crude May Futures
WTI Crude rocketed from a gap lower to 2528 on the over night open to 2824 then sold off to key support at 2615/2590 & held.
Daily Analysis
WTI Crude bottomed exactly at key support at 2615/2590 over night. Below 2560 however retests the 2530/25 over night low with further losses targeting support at 2440/00.
This is the last line of defence for bulls. A break lower targets 2350 & 2320/00. Holding above key support at 2615/2590 targets 2690/2700 then 2780/90 with first resistance at 2825/45 before a retest of 2910/15. A break higher meets strong resistance at 3020/50.
Trends
Weekly outlook is negative.
Daily outlook is neutral.
Short Term outlook is positive.
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.