WTI Crude: outlook remains negative despite severely oversold conditions
|Daily Forecast - 20 June 2017
WTI Crude August contract
WTI Crude AUGUST outlook remains negative despite severely oversold conditions - we wait for a buy signal. Trading about 20 ticks above July now, but the May low for the August contract is at 4445. We are starting to break below here which could target the May low on the continuation chart at 4380/76. On further losses look for 4355 & 4310/05 & perhaps as far as the November low at 4230/20.
We watch closely for a buy signal (none yet) as we do need a recovery or at least sideways direction to ease oversold conditions. Until then any gains are likely to be limited. Minor resistance at 4475/80 then yesterday's 4520/30 high. Shorts need stops above 4550 with a break higher to target 4570/75, perhaps as far as a selling opportunity at 4605/15, with stops above 4655.
Oil Current Trading Positions
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