WTI Crude Oil: bulls looking for a break above 58.70 to gain control
|WTI Crude
WTI Crude January Futures
WTI Crude unable to sustain a break above the November high of 5874.
Daily Analysis
WTI Crude must close the week above the November high at 5870/74 for bulls to gain control next week. Yesterday we topped exactly at the next target of 5915/20 but we meet important 8 month trend line resistance at 5975/85.
Important support at 5830/15. Longs need stops below 5800. A break lower is a sell signal targeting 5755/50. Below 5730 look for strong support at 5685/75.
Trends
Weekly outlook is neutral
Daily outlook is positive
Short Term outlook is positive
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