WTI crude oil: Strong resistance 41.30
|WTI Crude
WTI Crude September Future headed higher than expected reaching 4149. I suggested moving stops above 4140 because I did not trust the break – I hope this allowed you to hold on the shorts. I still think we will go lower.
Daily Analysis
WTI Crude has strong resistance at 4130/50 & again at 4200/4210. I would be very surprised to see a break higher. However if seen we are likely to retest the August high at 4358/78.
Obviously our shorts need prices to move back below 4080 to target 4040/30 & 3990/80, perhaps as far as 3950/40.
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.