WTI crude oil: Holding above 39.90 re-targets 40.50
|WTI Crude
WTI Crude August Future staged a volatile recovery over the past 2 weeks, although it was a lot of work for a 300 tick gain, & would have been impossible to hold a long with a trailing stop. Yesterday we held above 3990/4010 re-targeting 4040/50 & 4110/20. We topped exactly here.
Daily Analysis
WTI Crude August holding above first support at 3990/4010 (in fact we bottomed exactly here yesterday) re-targets 4040/50, perhaps as far as 4110/20. Resistance at 2 week highs of 4150/60 should be a challenge. Unlikely but a break higher should fill the gap at 4210/20.
A break below 3990 is obviously negative for today re-targeting 3950/40, perhaps as far as support at 3910/3890. Exit shorts & try longs with stops below 3850.
Trends
Weekly outlook is positive.
Daily outlook is positive.
Short Term outlook is neutral.
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