WTI crude oil: Bulls need a break above 41.47 for a breakout buy signal
|WTI Crude
WTI Crude November Future for 5 weeks we have been bouncing around in a 5 point range of 3660 – 4140/70. Down 1 week & up the next.
On Tuesday & Wednesday we recovered all of Friday & Monday's losses.
Daily Analysis
WTI Crude levels are still relevant but if you find yourself with a profitable position I suggest you take it quickly! We were offered about 40 ticks profit on any shorts at minor resistance at 4020/40. The break higher yesterday topped exactly at strong resistance at 4100/20. Obviously bulls need a break above last week's high at 4147 for a breakout buy signal targeting 4200/20 & 4260/80.
Shorts at at 4020/40 target very minor support at 4080/70 then strong support at 4030/00. Try longs with stops below 3970. A break lower targets minor support at 3910/00 which held the downside so far this week. A break lower this time targets 3860/40. On further losses look for 3770/60.
Chart
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.