WTI crude oil: A break below 38.55 targets 38.20
|WTI Crude
WTI Crude August Future unfortunately remains in the difficult sideways trend as predicted. We reversed from 4060/70, wiping out most of Friday's gains.
Daily Analysis
WTI Crude first support at 3900/3880. Exit shorts & try longs with stops below 3855!! A break lower targets 3820/10, perhaps as far as 3760/50.
Longs at 3900/3880 target 3960/70 with resistance at 4020/30. Further gains test upper triangle trend line resistance at 4070/90. Try shorts with stops above 4110. A break higher retests resistance at the June high of 4150/60. Unlikely but a break higher should fill the gap at 4210/20.
Trends
Weekly outlook is positive.
Daily outlook is neutral.
Short Term outlook is neutral.
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