WTI crude seeing panic buying despite overbought conditions
|WTI Crude
WTI Crude JANUARY Future beat 4325/35 & the continuation chart high of this yearsat 4365/78, the January contract September high at 4400/15 & resistance at thisyear’s January contract high (in August) at 4450/60 to hit 4572 seeing a near 300ticks gain.
Daily Analysis
WTI Crude seeing panic buying despite overbought conditions. Holding above4470/50 retests the high so far at 4550/70. Further gains target 4600/10, 4665/75 &even as far as 4710/30.
First support at 4470/50 but below here targets 4410/00. Downside is expected to belimited after bulls seized control but below here look for 4350 then a buyingopportunity at 4310/4290.
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.